Ethereum Classic (ETC) Enters Buy Zone Prior to Coinbase Listing
Ethereum Classic (ETC), the open-source, public, blockchain-based distributed computing platform that features smart contract functionality, made waves in June when Coinbase announced that it planned to add ETC to its list of coins available for trading.
After the announcement, the coin price of ETC jumped from $13.00 to a peak of $18.45, before suffering from an accelerating, month-long downtrend. ETC currently sits at $15.01 with a $1.55 billion market cap.
ETC has suffered from a fairly sizeable downturn along with the rest of the market, and a portion of the ongoing sell-off is more than likely due to the delay in Coinbase listing, as many investors bought simply in anticipation of the large influx of both retail and institutional capital. ETC is currently within the price range it traded at prior to the announcement.
While Ethereum Classic does not have nearly the same size ecosystem as its forked competitor, Ethereum (ETH), the project does boast a number of interesting factors that make it an under-the-radar investment opportunity. A recently published a report details the rapid growth that Ethereum Classic has experienced over the last year, including, the number of transactions over the last 6 months more than doubling from 17,000 to 47,000 per day.
Notably, the Ethereum Classic Cooperative also recently claimed ETC has $700K in reserves that it plans to use for technical enhancements, community building and public outreach.
This combination of rapid social growth, a good amount of available capital to fund key developments, and the impending Coinbase listing make ETC an interesting investment opportunity worth further review.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.