A few days ago it emerged that the ETF applications by 5 funds had been delayed until September. This has created an air of uncertainty in the market with regards to what could happen, if the CBOE application were to be delayed too. However, even with this uncertainty that seems to have slowed down bitcoin at around $8200 – $8400, there are two cryptos that are making huge strides in the market, and that’s Ethereum Classic (ETC) and Stellar (XLM). These two are making huge gains in the day, and their buying volumes are on the rise.
The key factor driving Ethereum classic (ETC) at this point is the fact that it’s confirmed as the next listing on Coinbase. This has been in the news for some time now, but the huge expectation it created in the market is still there. The Coinbase factor will continue to support Ethereum Classic (ETC) for the next few weeks, until the listing happens. Besides, bitcoin (BTC) is still bullish, and this too is a key supporting factor to the rest of the market.
As such, an altcoin that has confirmed good news supporting it will continue to make gains, which explains Ethereum Classic’s current strong position in the market. Investors always seek some element of certainty, and in this case, Ethereum Classic (ETC) is the best bet on this front. Volumes are likely to continue rising until the listing happens. At that point, it could either retrace a little, or continue in a bull run that runs all through 2018.
Stellar is supported by the Coinbase connection too, as well as some positive news coming its way in the past week. Coinbase has already named Stellar (XLM) as one of the cryptos that they could be listing in the future. There is also the expectation that IBM creating a stable coin on the stellar network, will give Stellar (XLM) the necessary liquidity to compete effectively in cross-border payments. Stellar has also partnered with TransferTo, in a deal that will see Stellar (XLM) gain utility as a tool for cross-border payments in over 70 countries. This effectively puts it in a head-to-head battle with XRP (XRP) in the run to control global cross-border payments.
However, the greatest excitement around Stellar (XLM) comes from the fact that its key competitor in cross-border payments is facing regulatory uncertainty. As long as this uncertainty around XRP (XRP) continues, Stellar will continue to make gains, since it’s the next best alternative in this market. And since XRP (XRP)’s issues may linger on for some time, chances are that Stellar will continue to outperform the market.
Therefore, if market conditions continue as they are at the moment, there is a good chance that Ethereum Classic could rise to over $20 before the end of the month. On its part, Stellar (XLM) looks set to close the gap with XRP (XRP) in dollar value. It is currently trading at $0.33 a more than 10% gain from yesterday’s close. That’s huge, given that Bitcoin (BTC), the market leader, is up by less than 1% in the day.