Ethereum Classic (ETC) Extends Recovery, Supported by Launch on Coinbase Consumer

The promise of retail funds flowing into ETC lifted the price closer to its usual range.

Ethereum Classic (ETC) once again showed its robustness, quickly recovering from recent lows of around $9. The reason is once again the imminent accessibility of the asset on Coinbase, where prices are expected to reach a higher range, somewhat similar to that of Litecoin (LTC), which boomed after the listing.

https://twitter.com/coinbase/status/1029874757246771200

The news lifted ETC prices to $14.03, up 16% in the past 24 hours. Volumes of around $410 million are generally supported by the Asian markets. The price may continue to be supported, as the full service of Coinbase opens within hours on Friday:

https://twitter.com/coinbase/status/1029874618033614848

The launch of ETC for international buyers through fiat deposits happens on the tails of one of the deepest altcoin crashes. The slide in prices accelerated, creating fears about a “capitulation”, and even deeper losses to lower valuations. However, the hope soon returned to the markets, following an intervention by Tether to move more funds from its treasury into Bitfinex. The move caused Bitcoin (BTC) to return above $6,300, also leading to a faster appreciation of altcoins.

ETC trading has a 34% share of Tether (USDT) pairings, and around 36% of volumes against BTC. The asset is down around 70% since its peak above $40, actually being one of the coins that did not overheat in December and January.

There is also a marked climb in the hashrate of the Ethereum Classic network. In the past three months, the hashrate has more than doubled, to above 16 TH/s at one point. The Ethereum network hashrate is at more than 280 TH/s, and the Bitcoin hashrate is dwarfing all others with millions of TH/s.

However, the upward trend of mining Ethereum Classic is reflecting the bullish attitude. The network saw increased ASIC mining, and the team gave indications that it may alter the mining rules to make amateur miners more competitive.

In terms of mining and pricing, ETC is a relatively unknown coin. However, the Coinbase trading would add up to 20 million potential buyers:

https://twitter.com/PhilCrypto77/status/1029881819720761344

It is possible that ETC sees price anomalies and there is no guarantee the price would only move upward.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.