Bitcoins is Tested and Ethereum Classic Rises as Coinbase Announces It’s Future Listing
Ethereum Classic (ETC) is trading at $15.16 at the time of writing this article
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Digital currencies for the most part have taken a breather Tuesday, after a frantic 48-hours that saw more than $45 billion wiped off the total value of all cryptocurrencies.
After shedding more than 10% Sunday, bitcoin, the worlds biggest digital currency, has righted the ship, holding above $6,500. However, with crypto traders licking their wounds, interest has waned. “There’s a lot of wait and see now. Since then [the selloff Sunday] volumes have receded and at this level there is a general lack of interest,” said Mati Greenspan, senior market analyst at eToro.
Greenspan added that the crypto market is in a liquidity vacuum at the moment, and is susceptible to these large moves, both up and down.
The price of a single bitcoin BTCUSD, -0.39% was last worth $6,836.51, up 1.1%, since Monday 5 p.m. Eastern Time on the Kraken crypto exchange.
Ethereum Classic spikes
The price of Ethereum Classic rose by as much as 25% Tuesday, after news Coinbase, one the biggest U.S. based digital exchanges, said it was in the process off adding the digital currency to its trading platform. In a blog post, Coinbase said it was in the engineering stage and expects it to be launched in the “next few months.”
We are pleased to announce our intention to add support for Ethereum Classic (ETC) on Coinbase in the coming months.https://t.co/bUG4iLUr2J
— Coinbase (@coinbase) June 12, 2018
Some can take this to be extremely shady and manipulative, given the coinbase team probably has a substantial amount of Ethereum (ETC) with the previous fork of Ethereum (ETH). Ethereum Classic was created in July 2015 as a result of a hard fork by Ethereum, and is the 18th largest digital currency with a market cap of $1.6 billion, according to data from CoinMarketCap.
Altcoins clawing back some losses
Coins other than bitcoin, known as altcoins, have clawed back some of their previous losses in early Tuesday trading. Ether ETHUSD, +1.59% is up 3.2% at $531.68, Bitcoin Cash BCHUSD, -1.05% is up 1% at $935.50, Litecoin LTCUSD, -0.23% has gained 1.4% at $106.50 and Ripple’s XRP coinXRPUSD, -0.95% has added 1.6% to 59 cents.
After posting hefty losses Monday, bitcoin futures have steadied. The Cboe June contract XBTM8, -0.22% is up 0.9% at $6,815, while the CME June contract BTCM8, -0.30% has regained 1.3%, last trading at $6,840.
The big pump has come from the Coinbase announcement that it will soon be supporting Ethereum Classic and adding the altcoin to its listings. The company blog stated;
“We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.”
As traders jumped in on the action Binance announced that it would also be listing Ethereum Classic/Tether and ETC/BNB pairings;
Most of the trade volume at the moment is being handled by OKEx with around 25% of the total. Binance is the second most popular exchange with the only pairing it offered up until an hour or so ago; ETC/BTC. Trade volume has spiked from $187 million to $440 million in 24 hours and market cap for Ethereum Classic has risen to $1.6 billion pushing it up to 18th spot.
ETC is the only bright spot in a bearish market at the moment. Total capitalization has remained level on the day at around $300 billion but has shed $50 billion over the past three days. Most altcoins are still falling however one or two are performing during Asian trade this morning and they include Binance Coin up 10%, Qtum climbing 5%, and Bitcoin Diamond 9% higher.