Many in the cryptic community think of Ethereum Classic (ETC) as a phoenix rising from the ashes as if it were reborn again. This is one of the strong qualities that it shares with Bitcoin (BTC). Both cryptocurrencies have died and reborn again countless times in the past. Perhaps the reason they were able to do that because there is no person, group or company that owns Bitcoin (BTC) or Ethereum Classic (ETC). Furthermore, both Ethereum Classic (ETC) and Bitcoin (BTC) are truly decentralized and immutable. Unlike most other cryptocurrencies, neither Ethereum Classic (ETC) nor Bitcoin (BTC) made any compromises on its values and principles. If we think about it, this is what makes them both valuable in their abilities.
If Bitcoin (BTC) had little or no approval or acceptance, there would still be many people who buy BTC / USD and the same is true of ETC / USD also. Ethereum Classic (ETC) is a blockchain that has no notable Dapps built on it, but still remains in the league of the top twenty largest coins by market capitalization. This does not happen without a reason, not after what we have gone through. The bear market has been very brutal on most cryptocurrencies. Gone are the days when cryptocurrencies like Verge (XVG) or Bitcoin Private (BTCP) would enter the top-twenty league. Investors have become very careful after the recent market downturn. Bitcoin (BTC) has had bearish markets before, but this is the first one that has hit so hard a big market of altcoins.
Chart for ETCUSDShorts (1D)
We have had periods in which any project or company that associates the word "blockchain" would be much cooler and more futuristic. We have seen companies get higher ratings because of this and we have seen many successes because of this. However, the harsh reality now is that those days are over. In a few years, blockchain will no longer be so beautiful. People will want to see what a blockchain really is. That is when we will see most of the cryptocurrencies fail, because they would not be able to provide. This is because they have created a new market of useless blockchains that are useless. With that said, there are a lot of hidden gems in the market, but they are hard to recognize.
Ethereum Classic (ETC) is one of these projects. If this brutal bear market can not kill Ethereum Classic (ETC), be sure it's here to stay. The only reason why ETC Labs, DFG, DCG and IOHK are throwing their money and their weight behind Ethereum Classic (ETC) is because they see the potential. This is one of the few projects on the market that is actually focused on the use of blockchain for something. That something is the Internet of Things market (IOT) that will be at the forefront of the fourth industrial revolution. All of this may seem positive for people who are currently supporting Ethereum Classic (ETC), but it is not attracting a significant number of new investors.
This is why the new supporters of Ethereum Classic (ETC) have launched an ambitious program to create Dapp earnings on Ethereum Classic (ETC) to give the average investor a reason to invest in Ethereum Classic (ETC). This is exactly what Ripple (XRP) did when the crypto community was largely against it. He stepped back and repositioned himself to change the hearts and minds of retail investors and succeeded. Today Ripple (XRP) is one of the most loved cryptocurrencies in the crypto community. Sentiment does not take time to change, the fundamentals do it. The virtue of a good investor is to separate feelings from fundamentals. A trader does not have to worry about the fundamentals on a short-term trade, but an investor must think about the fundamentals of a project because it's all that matters in the long run.