Ethereum Classic (ETC) Rises on Decentralized Exchange News
The ETC digital asset, soon to be added to Coinbase, is still holding up despite the market shakedown.
Ethereum Classic (ETC) is having a lucky streak, rising while the rest of the markets are falling. There are several reasons for this de-coupling. ETC has moved in a relatively tight range, and the recent price spike is temporary, a return to previous values.
ETC has no set date to appear on Coinbase, but even then, it would be the cheapest coin, as potential buyers expect. ETC rose by 13% overnight, to $16.36, and has a net weekly gain of around 9%, a significant increase compared to the losses of other coins. The listing on Coinbase is potentially seen as leading ETC to levels above $100. ETC has only reached a peak around $45, before retreating along with other coins.
But the current price movements of ETC are supported by OKEx trading, and more than 34% of ETC volumes are against Tether (USDT). Previously, the leading ETC pairings were with the Korean Won.
But the long-term bullishness of ETC comes from its growth proposals. The asset has a clear roadmap and a dedicated development team, and delivers updates regularly. Side chains are expected more widely on the Ethereum Classic network. Additionally, the Ethereum Classic project has partnered with the Radex decentralized exchange.
A decentralized platform for trading ETC would also be available for all related tokens and other assets on the Ethereum Classic network. The project also has a new dApp explorer.
Yet in the short term, many mostly see ETC as yet another chance for relatively robust gains from an underpriced asset, as many other altcoins had their phenomenal spike, and subsequent crash. Compared to the 10-fold growth of other coins, ETC has seen a relatively conservative price movement during the December bull market.