Ethereum classic(ETC) has proven to be a disappointment for many
Ethereum classic(ETC) has proven to be a disappointment for many investors who saw it as the next big thing for crypto investments. The price of ETC never rallied or grew in the same ratio as its peers.
ETC is currently trading at a $5 price range, while the highest it ever touched was $45.51 in January 2018.
However, its addition to the Coinbase has given it a new lease of life, and many analysts and crypto enthusiast believe that the latest addition would help the ETC to peak new price highs and even break into three-digit figure towards the end of 2019.
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Coinbase Announcement Provide Necessary Momentum to ETC
Towards the end of 2018 and at the beginning of the first quarter of 2019, ETC has shown stable growth. Now the Coinbase has announced in advance that it would be listing Ethereum classic on its exchange, giving it a bullish upward push.
The announcement came a month earlier than a few days before listing, making it a game changer, as it allows the investors to buy more ETC tokens and hold it before the prices touch new heights due to the Coinbase influence.
Some of the investors have started to buy ETC in bulk after the announcement, while a few who anticipated the move started buying it even before so that they can sell it once the prices skyrocket after the listing on Coinbase.
Cryptocurrency market prices are highly volatile and dependent on the PR buzz and word-of-mouth promotion, so an advance announcement of listing would for sure push the prices many folds.
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Analysts and Investors Jump in With Price Prediction
As soon as the announcement was made, many cryptoanalysts and investors have jumped in with their price prediction.
Fundstrat’s Tom Lee believes the prices of Ethereum Classic would touch $70 before the year 2019 ends. While a few crypto analysts have already put the Ethereum classic to be in $100 mark towards the end of 2019.
Coinbase with a massive user base has influenced the prices of cryptos in the past. If any new crypto gets listed on the Exchange, people are going to trade in it, giving the token a push, both in terms of price and trading volume. A prominent example of such boost is Bitcoin Cash (BCH), and Litecoin (LTC), which saw its prices touch new heights after being listed on Coinbase.
Fakhan, cryptocurrency writer from CryptoDaily believes, Ethereum classic being an original platform which works on the Ethereum chain, would attract a lot of potential investors which would rally its prices in upwards of $100 in few months time.
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The Announcement Shows double-digit growth for ETC
The crypto world has finally seen some green movement in weeks, where major cryptocurrencies gained in single digits. However, the ETC has already started to show a better rise then its peers. In the last week or so, ETC has gained in double-digits against the USD
CoinBase has already made provision for holding your ETC tokens in their wallet. The next update on the Exchange would allow the users to hold their ETC tokens using CoinBase Wallet and within few weeks, the trading would start as well.
Conclusion
Ethereum Classic was always dubbed as the next best thing on the Ethereum network, however, it could not make any lasting impression in its earlier stage. The prices did go as high as $45, but the downfall since then made it lose a majority chunk of its market cap.
The listing on CoinBase has given the ETC a new lease of life and many crypto analysts believe that the prices are set to touch and surpass the $100 mark by the end of the year.
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