The listing of the Coinbase and Bittrex exchanges offers mixed impacts on the price of Ethereum Classic (ETC) – Crypto Recorder



While the Ethereum Classic (ETC) community celebrates its second birthday since the fork occurred after the May 2016 DAO attack, we examine the impact of recent Ethereum Classic developments on pricing ETC. The currency was added to the Coinbase cryptocurrency exchange at the beginning of June with a further addition to the Bittrex exchange, which represents two of the world's largest cryptocurrency exchanges. However, with the former pushing the price to exceed $ 20 USD on some exchanges, the latter provided mixed results

Ethereum Classic Travel in 2018

At the start of the blockchain revolution, defined as the Fourth industrial revolution, many investors and other interested parties in the sector have focused only on the rate of adoption of their cryptocurrencies rather than on the price or technological development of the product. Advancing rapidly until 2017, and most of the investors who entered the field, did so with the main objective of making huge profits. The first investors in the field were able to reach their goals as the latecomers remained with losses after the enormous fall in prices of this year

The investment objectives between the various parties are slowly changing again with an interest in product development and partnerships made by these cryptocurrency companies. One of the coins that has made massive investments so far this year is Ethereum Classic (ETC), the original fork of the Ethereum blockchain. Despite this, the platform once abandoned was added to Coinbase and Bittrex exchanged at the beginning of the year. However, the addition of Coinbase pushed the coin to $ 20 USD after the announcement, while the Bittrex exchange had a low or non-existent impact on the price, but pushed the nearest coin to beheaded the dominance of Ethereum in smart contract technologies.

Positive – The Coinbase ETC Price

The announcement that Coinbase was trying to add ETCs to its cryptocurrencies on Coinbase Consumer has undoubtedly pushed the "undervalued" currency at a price of $ 20 through some exchanges. The exchange has long been endowed with a royal status among cryptocurrency enthusiasts with only a handful of cryptocurrencies currently listed for trade.

During the announcement period until the actual listing of ETCs on the stock exchange saw the price increase of 37.5% in less than a month. In cryptographic markets where people expect to achieve superficial gains, this return does not seem significant. However, the increase came at a time when the entire cryptocurrency market was falling, thus showing the importance of a quote on Coinbase.

Despite, during the period, ETC also obtained an exchange listing on Robinhood, an American-based stock exchange with no commissions.

Impact diluted after the listing on the stock exchange of Bittrex

The announcement of the Bittrex exchange team was made in market circumstances other than those witnessed during the listing of Coinbase. First, the market experienced a weak bullish momentum during the period when the impact of the listing was diluted by the growing market. Next, the Bittrex platform is seen as a simpler option to list a cryptocurrency than Coinbase, so the news has not spread to this point. Finally, the addition to Bittrex concerned the case where the platform had already listed hundreds of trading pairs on the platform.

These reasons, associated with other impact dilution factors, did not have any significant impact on the price of ETC as expected. During the announcement at the beginning of August, the currency was traded at $ 18.50 USD and has since dropped to $ 13.17 USD according to the latest rankings of Coinmarketcap

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