Ethereum Classic (ETC), an asset which took its own path and found appeal on the Korean markets, will be coming to Coinbase in the coming months. For assets hoping to be added to the platform, the selection process is extremely stringent, so this is a breakthrough for a relatively overlooked token.
Coinbase has announced it would award ETC balances based on the DAO hard fork in 2016:
“Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.”
The ETC digital asset has turned out to be the real new addition to Coinbase, instead of newer, more hyped coins. Many projects have tried to get the exposure and liquidity of Coinbase, with Ripple (XRP) being the most aggressive one, but ETC has taken the spotlight.
The effect on ETC prices was double, as Binance expanded its pairings, bringing Tether (USDT) trading to ETC, as well as a pairing with Binance Coin (BNB).
The news caused the ETC market price to shoot up spectacularly overnight, adding more than 21% to $15.52. But in the last quarter, ETC has drifted at around 0.002 BTC. The immediate effect on Binance is due to the fact that it is currently the most active exchange for ETC.
The token has a 22% influence of USDT trading, and more than 26% against the dollar and Korean Won positions. Only 40% of trading is against BTC.
Ethereum Classic is considered one of the long-term projects, with goals of scaling and offering the Emerald ecosystem for developers, with a higher-level language. Ethereum Classic currently offers the option for the creation of sidechains. The asset is one of the most widely distributed, with accessible wallets, including its proprietary Emerald wallet.
Recently, the Ethereum Classic disabled the difficulty time bomb, allowing mining to continue, while Ethereum prepares to become a proof-of-stake coin. However, the hashrate has fallen for the network, and there are no indications of ASIC miners coming on board. The Ethereum Classic team has shown readiness to make the network ASIC-resistant.