Ethereum Classic Listed on Coinbase; ETC Price Drops 10% in Last Four Hours
Coinbase Finally Lists Ethereum Classic (ETC): How Does the Market React?
Ethereum Classic (ETC) was up an average of 15%, in addition to Wednesday's 20% gains, catapulting it into the top 10 most important cryptocurrencies, heading into Coinbase's major announcement.
Customers in every country where Coinbase operates can log in now to buy, sell, send, receive or store Ethereum Classic, along with Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
— Coinbase (@coinbase) August 17, 2018
As CoinMarketCap reports, Ethereum Classic is now being traded around $13.28 and has a market capitalization of $1.38 billion dollars. In the last 24 hours, this famous virtual currency has registered a 1.7% Loss. Coinbase listed ETC for purchases on its trading platform on Thursday at 17:00 PST.
Once again, ETC surprises us with this partnership with Coinbase one of the most important companies in the cryptocurrency world, as happened earlier this month when traders proudly welcomed the listing of ETC into Coinbase Pro, causing ETC to rise to a maximum of $21.25 dollars.
According to Bitfinex, it happened that after this peak, the price of ETC dropped drastically to $10.25 dollars on the 14th of this month in a massive ETC sale, leaving it 50 percent below its peak on August 7.
For those worried about an #EthereumClassic (ETC/USD) dump after going live on Coinbase, there is a clear rising channel on the 2HR chart that will provide confirmation to the trend direction if a candle closes above or below the channel.
— CoinDesk Markets (@CoinDeskMarkets) August 16, 2018
In its hourly and daily chart, it can be seen that ETC is on an upward trend, and that despite a slight decline, in the future it can keep growing even more.
What's more important, we must not overlook the history of the ETC, which once went from $26.99 dollars to a peak of $45.51 after averaging more than $40 dollars by the end of February, reaching a 68% increase and falling to an average of $24.70 dollars in May.
In general, once the cryptocurrency is listed, investors quickly liquidated their currencies in a massive way, since traders are able to buy currencies at prices below the original announcement, thus causing the price to fall.
It should be mentioned that according to the liquidity and demand, the price will stabilize over time and reach the levels that were before the quotation.