Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance
With Bitcoin above $58,000, Ether around $3,500, and the total crypto market cap on the way to hit $2.5 trillion, we are in the midst of a bull rally, which according to some, could very well be a super cycle, no deep 90% retracements this time. BTC -2.69% Bitcoin / USD BTCUSD $ 37,883.02
-$1,019.05-2.69% Volume 37.33 b Change -$1,019.05 Open $37,883.02 Circulating 18.74 m Market Cap 709.83 b 10 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 12 h China’s State Media Promotes Bitcoin Miners Going Green in Country & Points to Wasted Energy 13 h SEC Delays VanEck Bitcoin ETF Decision Again, Another 45 Day Wait Period ETH -3.85% Ethereum / USD ETHUSD $ 2,342.09
-$90.17-3.85% Volume 21.85 b Change -$90.17 Open $2,342.09 Circulating 116.34 m Market Cap 272.47 b 10 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 11 h Kyber Network To Launch On Polygon With $30 Million Liquidity Mining Program 13 h SEC Delays VanEck Bitcoin ETF Decision Again, Another 45 Day Wait Period
While it’s to be seen how the institutional adoption of crypto would change the market structure, right now, everything is in up only mode.
During the uptrend this week, some woes were encountered when Treasury Secretary Janet Yellen spooked the market with the talks of raising the interest rates to prevent overheating of the economy.
The markets easily shrugged that burden and had already started rallying. However, some retracements after new highs can be seen in every other coin, which sometimes gets exacerbated.
During this latest such pullback, the popular BSC-based DeFi protocol PancakeSwap’s native token CAKE encountered such an anomaly.
The price of CAKE has been growing like crazy as BSC gained traction due to high fees on Ethereum network pricing out small users. In the past six months, the token has rallied more than 19,000%.
Down about 15% from its all-time high of $44 about a week back, CAKE is currently trading at $37.87. CAKE -2.60% PancakeSwap / USD CAKEUSD $ 16.04
-$0.42-2.60% Volume 110.86 m Change -$0.42 Open $16.04 Circulating 182.65 m Market Cap 2.93 b 6 d Best Cryptocurrencies with Growth Potential to Buy In June 1 mon Sushiswap's SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 1 mon Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets
On Wednesday, the price of CAKE against the BUSD pair on Binance took a drop to $32 while keeping around $37 elsewhere.
— Depression (BitMEX) (@depression2019) May 6, 2021
While this could be the result of someone fat-fingered their order, things are more interesting on the Ethereum fork Ethereum Classic (ETC) front. A blockchain that has been 51% attacked several times is still able to see its token surge 163% in the past week.
ETC is currently the 17th largest cryptocurrency with a market cap of $20.4 billion, finally catching up with the bull market.
The primary reason for this rally is Robinhood, where ETC is one of the seven other cryptos listed on the platforms. Much like Ethereum Classic, other old coins, Bitcoin Cash (BCH), Bitcoin SV (BSV), and Litecoin (LTC), are also increasing in value after DOGE has enjoyed an eye-watering surge of 10,500% to $0.68. BCH -3.36% Bitcoin Cash / USD BCHUSD $ 593.38
-$19.94-3.36% Volume 1.39 b Change -$19.94 Open $593.38 Circulating 18.77 m Market Cap 11.14 b 10 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 1 w PayPal Crypto Volume Trending Back Up After the Record Daily Volume of Over $300 Mln 1 w Aggrieved Coinbase Customers Locked Out of their Accounts Drag Exchange To Court BSV -1.59% Bitcoin SV / USD BSVUSD $ 163.59
-$2.60-1.59% Volume 609.23 m Change -$2.60 Open $163.59 Circulating 18.76 m Market Cap 3.07 b 1 mon All that Triggered Bitcoin’s Crash, But Only 15% and Is Already On Its Way Back Up 1 mon Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance 2 mon Robinhood Reports 50% More Active Crypto Users at 9.5 Million Than Coinbase LTC -3.49% Litecoin / USD LTCUSD $ 165.30
-$5.77-3.49% Volume 1.97 b Change -$5.77 Open $165.30 Circulating 66.75 m Market Cap 11.03 b 10 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 1 w Flare Network Raises $11 Million in Funding to Bring Smart Contracts to All Blockchains 1 w PayPal Crypto Volume Trending Back Up After the Record Daily Volume of Over $300 Mln
With Ethereum Classic having a history with the second-largest cryptocurrency, which has been the blockchain on which the DeFi sector is primarily built and recently went to a new ATH up over a million percent from its ICO price, people without a good understanding of the crypto market might have also been seeing ETC as a cheap alternative.
Not just millions of Robinhood customers but millions of Coinbase retailers are also jumping on the chance much like South Koreans.
ETC/USD is currently the second most traded pair on Coinbase Pro, trading at nearly $117, and also on the largest South Korean exchange Upbit at almost $113 while it is at $104.8 on Binance, as of writing.