Ethereum Classic rises after listing on Coinbase
Coinbase has announced that it would be listing Ethereum Classic (ETC) in the upcoming months and its price has already skyrocketed. Not taking into account the low number of coins which are actually listed on the platform, Coinbase still plans to go ahead with this listing. Ethereum Classic ranks just inside the list of top 20 cryptocurrencies and barely crosses the mark and moreover, in the last 30 days, the price of Ethereum Classic dropped by almost a whopping 15% in the digital currency market. Moreover, Coinbase is one of the biggest exchanges operational right now but it actively trades in only four digital currencies which are Bitcoin, Ethereum, Bitcoin Cash and LItecoin. Even after all these facts, Coinbase has begun the process to integrate Ethereum Classic to their systems and in just a few upcoming months Ethereum Classic holders would be able to make deposits and withdrawals. The final live trading is expected to get started by September this year.
Ethereum Classic is also known by many as the continuation of the original Ethereum blockchain and most likely, the reason it has gained so much attention is solely linked to the small size of the Ethereum Classic market. Valuing at almost $1.5 billion dollars, Ethereum Classic is included in the list of top 5 largest cryptocurrencies by volume. Owing to the surprise listing coming as a shock to some and a surprise to the others, the price of Ethereum Classic has already witnessed a tremendous increase of 25% in the last 24 hours since Coinbase made an announcement on their blog. This announcement has been made way ahead of time (considering that the actual live trading of Ethereum Classic on Coinbase would begin as late as September 2018), to test integrations which is the part of its new policy regarding addition of new tokens. This new change to the policy has been made after the concerns and controversies which arose right after the addition of Bitcoin Cash onto this exchange. Incidents of service outages and wild price fluctuations took place just a little after Bitcoin Cash was added to Coinbase.
Price Surge of Ethereum Classic
Belonging to a relatively small size market and owing to the fact that Ethereum Classic has not really been doing well in the digital currency market for while now, the announcement of its listing has given this virtual currency a major boost, causing a rapid surge in its price in the last 24 hours and it has now finally settled down at $15.75. The announcement has created a huge buildup for the digital currency and one could only and wait and see how well this new found interest by investors would be managed till September when the coin actually goes live on the trading floors of Coinbase.
As mentioned already, Coinbase currently allows for trading and exchanges to place only using four digital currencies – Bitcoin, Bitcoin Cash, Ethereum and Litecoin. To give a boost to its user base and further cement its position well in the global market, Coinbase intends to list a number of ERC20 tokens however any official information regarding exactly which of these tokens would be listed has not been made yet. Looking at all these recent developments, researchers and industry experts are sure of the fact that Coinbase is actively working towards its growth and development.
However, a few keen observers have even gone as far as to link this sudden listing announcement with the summit which happened between the United States President Donald Trump and North Korean dictator Kim Jong-Un this week. Several people have been very sour over this recent news owing to the fact that Coinbase has time and again refused to list XRP, the third largest cryptocurrency based on market capital and now it has suddenly chosen to list a digital currency which is way down on this list. As goes the saying, ‘Haters gonna hate’, a major chunk of observers and investors have chosen to do away with the negativity and accept the news with grace and positivity. There is a reason why there was such a whopping rise in the price of Ethereum Classic in just 24 hours.
