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 -4.40% Bitcoin / USD BTCUSD $ 41,929.92
-$1,844.92-4.40% Volume 41.64 b Change -$1,844.92 Open $41,929.92 Circulating 18.82 m Market Cap 789.33 b 1 h Crypto Investors Approaching Large Institutions in Bond Market for Loans Against Digital Assets 2 h Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” 3 h Twitter Chooses “Global, Barrier-Less Option” for Tipping and to Help Creators Join the “Decentralized Internet” ETH -7.40% Ethereum / USD ETHUSD $ 2,874.00
-$212.68-7.40% Volume 25.49 b Change -$212.68 Open $2,874.00 Circulating 117.66 m Market Cap 338.14 b 2 h Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” 3 h JPMorgan says Institutional Investors Have Shown A 'Strong Preference' for Ethereum Over Bitcoin Since August 21 h 1Inch Moves to Arbitrum For Faster Throughput And Lower Gas Fees
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 -7.41% PancakeSwap / USD CAKEUSD $ 18.28
-$1.35-7.41% Volume 408.07 m Change -$1.35 Open $18.28 Circulating 224.83 m Market Cap 4.11 b 2 w DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Billion in TVL 2 w SEC Creates A Stand-Alone Office to Conduct Investigations into Crypto and Other Digital Assets: Report 1 mon Bitcoin Surges Past $50k on Low Funding But Institutional Investors Are More Bullish on Ethereum
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 -6.69% Bitcoin Cash / USD BCHUSD $ 505.06
-$33.79-6.69% Volume 5.82 b Change -$33.79 Open $505.06 Circulating 18.85 m Market Cap 9.52 b 1 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 2 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End 1 w Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time BSV -7.57% Bitcoin SV / USD BSVUSD $ 133.81
-$10.13-7.57% Volume 495.85 m Change -$10.13 Open $133.81 Circulating 18.85 m Market Cap 2.52 b 2 w Robinhood Trading App Rolls Out “Dollar Cost Averaging” for Crypto Investments 1 mon BSV Network 'Enduring A Series of Block-Reorganisation Attacks' Sees Hash Rate Crashing Over 52% 2 mon Dogecoin Doesn’t Get Into S&P Cryptocurrency Broad Digital Market (BDM) Index Due to Lack of Whitepaper LTC -7.33% Litecoin / USD LTCUSD $ 147.68
-$10.82-7.33% Volume 2.69 b Change -$10.82 Open $147.68 Circulating 66.75 m Market Cap 9.86 b 1 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 2 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End 1 w Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time
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.