Ethereum Classic [ETC] posts solid gains this month on the back of new listings
Ethereum Classic [ETC] is yet to match the glory of its parent currency Ethereum [ETH]. However, the ETC prices have been on a roller coaster ride since it’s launch with it touching $20 just before the crypto market crash in August 2018. Even though Ethereum Classic is yet to be widely accepted like Ethereum, the coin has shown remarkable progress building investor confidence with every step. The Ethereum Classic community is striving to make ETC the best cryptocurrency in the market and the coin is placed among the top 15 cryptocurrencies. Ethereum Classic is experiencing a bearish trend since the past few days in tandem with a bearish crypto market.
The reasons for the rise of Ethreum Classic
A few weeks ago Coinbase announced the listing of Ethreum Classic on the exchange. Though it took a few days for Coinbase to let the listing go live, an eager investor community watched the coin prices go up by 50% which means it’s total value climbed up above $600 million. “One of the most common requests we hear from customers is to be able to trade more assets on Coinbase. Ethereum Classic is just a first step in that direction. We announced last month that we are exploring a number of other assets to add to the platform. We hear your requests and are working hard to make more assets available to more customers around the world,” according to the official blog of Coinbase.
ETC also grabbed the attention of Robinhood, the commission-free trading platform. After the listing of ETC on Robinhood on August 6th, investors enjoy trading ETC on Robinhood at far lesser costs than trading on other exchanges. Robinhood listing gave greater accessibility of the coin impacting its value and market capitalization. Another milestone that helped Ethereum Classic to ‘up the ante’ is an announcement from Grayscale Investments. The firm declared that it held $90 million worth of ETC. This institutional investment while the cryptocurrency market is just becoming popular among the mass audience will pave a way for increased adoption of cryptocurrencies and an increased investor confidence in the coin.
“Overall, it is reported that Grayscale manage around $1.5 billion in digital assets across their portfolio of clients. Approximately $1.38 billion of those assets are in Bitcoin, but a stunning $90 million exists within Ethereum Classic, making ETC the second most ‘invested’ cryptocurrency through Grayscale Investments. This serves as evidence to prove that Ethereum Classic is encouraging institutional level investment. This is no doubt because of the sudden growth is seen by Ethereum Classic over the past year and the fact that it still has ties with Ethereum, the cryptocurrency with the highest market capitalisation after Bitcoin of course. Because of all this, Ethereum Classic is seeing a huge rise in popularity, complimented of course by a recent rise in value and market capitalisation,” according to a Cryptodaily report.
The year again once again brightened for ETC when Bittrex announced that it will open ETC/USD trading pairs on August 17. Also, a forex crypto trading platform called Evolve markets has listed ETC last week. This will again increase the accessibility and reach of Ethereum classic in the crypto market. Ethereum Classic’s performance this year connotes that the coin shows great potential in the future not just in its value but in technological advancements as well.
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