Although a fork of Ethereum, the prospects of Ethereum Classic (ETC) has led to the believe that ETC could displace its progenitor.
Ethereum Classic (ETC) has been performing quite well lately and has made more headlines after Coinbase announced its plans to integrate it.
- Coinbase has already announced that ETC support has been confirmed
- ETC will be added to Coinbase’s Grayscale Fund
- The fund can lead to a positive cash inflow which can push the price above $20
- ETC support requires more work before trading launches
- The launch date is unknown
Coinbase and Ethereum Classic (ETC) History
Although Coinbase had reiterated in March that it had not made any decisions on adding new assets (having made in a similar note January), the exchange platform changed its stance.
Coinbase proceeded to set up a committee to lead the support for Ethereum Classic (ETC) on its platform.
Although Ethereum Classic is still to be listed on Coinbase, the latter has previously announced its intentions to list ETC.
On Tuesday, June 12, 2018, the U.S. cryptocurrency exchange announced in a blog post that it is has started the engineering work to integrate ethereum classic with its platform.
The announcement stated the service to be live in the “coming months.”
Following the announcement Coinbase made on Twitter, the price of Ethereum Classic (ETC) jumped to as high as $16.15 at around 02:00 UTC of the same day, reflecting a 25 percent gain in just half an hour.
Coinbase Makes Another Move on ETC
Coinbase’s original the plan was to add Ethereum Classic to its short list of digital asset. However, another recent announcement indicates that ETC’s integration might happen sooner than expected.
This is due to its similarity to Ethereum (ETH). A tweet from Coinbase’s official Twitter account on July 13 reads:
“Unlike Ethereum Classic, which is technically similar to Ethereum, these assets require additional work that necessitates contact with many external parties. To ensure that this news comes to you directly from us, we are publicly announcing our intentions.”
From the foregoing, some members of the Ethereum Classic community believe that ETC has already been integrated and that Coinbase is simply waiting for the best time to announce the listing.
Current Price and Market Status of Ethereum Classic (ETC)
Ethereum Classic is marginally in the red at -0.6% over the last 24 hours. As at the time of this writing, Ethereum Classic has a trading value of $16.42.
The altcoin market is generally deep in the red as Bitcoin approaches key levels and continues to build momentum.
Ethereum Classic is the 15th largest cryptocurrency with an estimated market capitalization of $1.695 billion USD.
Despite the rise in price, daily trade – exchange volumes of ETC has dropped almost 45% over the last 2 days.
ETC Ethereum Classic has witnessed a 24 hours trade – exchange volume of $136.21 million USD, when compared to the $224 million of July 20th.
What to look out for
The announcement of Ethereum Classic (ETC) joining the limited list of assets offered by Coinbase has received a lot of attention and hype.
While the date on which ETC will start trading remains uncertain, one thing is sure, when the announcement is made, ETC’s price will rapidly pump, and could see ETC hit the $20 mark.
Further, Coinbase announced ETC would be included in Coinbase’s crypto index fund. This means that a capital inflow from the fund’s investors is inevitable and could lead to a positive cash inflow into the ecosystem.