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The price of ethereum classic (ETC), the cryptocurrency that detached itself from the etheum blockchain in 2016, has depreciated by more than 30 percent against the US dollar from its listing on Coinbase.
Prior to the listing date of 7 August, the price of ETC has risen on two occasions, the first of which began on 11 June when Coinbase announced the intention of add Ethereum Classic to its platform. The price of ETC rose from $ 12.19 to $ 16.40 over the next 48 hours, an increase of 34%.
The next and more dramatic push began on August 3, following another announcement by Coinbase, which stated that the ETC trade would finally be operational from 7 August.
From August 3 to 7, the price has risen by more than 50 percent in US dollar terms, reaching a peak of $ 21.25, according to data from Bitfinex.
It is not exactly a surprise when prices rise significantly after the publication of this type of news, as investors would consider an asset undervalued when considering the potential a significant increase in cash flow that may accompany an exchange list.
That said, this period of volatility often pushes prices up to an amount where the asset is no longer considered undervalued, setting the stage for a sell-off in the market.
The Ethereum classic was no exception to this reality. After the recent maximum price of $ 21.25, the price has fallen by more than 30% compared to the US dollar and is currently trading at $ 15.
That said, it is worth noting that the whole market cryptocurrency has slowed sharply, losing billion dollars in market capitalization value during Wednesday's trading session.
Disclosure: The author retains BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that fights for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in criptovalute and blockchain startups.
This article is intended as news to inform our readers of various events and developments that influence, or could affect in the future, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and does not provide, sufficient information to form the basis for an investment decision, and you should not rely on such information for this purpose. The information presented here is accurate only at the date and has not been prepared by a research analyst or other investment professionals. You should look for more information about the merits and risks of investing in any cryptocurrency before deciding to buy or sell such instruments.
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