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 -5.74% Bitcoin / USD BTCUSD $ 18,940.89
-$1,087.21-5.74% Volume 25.31 b Change -$1,087.21 Open $18,940.89 Circulating 19.08 m Market Cap 361.42 b 5 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 6 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH -8.85% Ethereum / USD ETHUSD $ 1,014.67
-$89.80-8.85% Volume 16.17 b Change -$89.80 Open $1,014.67 Circulating 121.35 m Market Cap 123.14 b 5 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 6 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022
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 -5.39% PancakeSwap / USD CAKEUSD $ 2.90
-$0.16-5.39% Volume 63.55 m Change -$0.16 Open $2.90 Circulating 140.89 m Market Cap 408.7 m 7 mon Cream Finance Offers the Attacker 10% of Stolen Fund as Bug Bounty on Return of Funds 9 mon DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Billion in TVL 9 mon SEC Creates A Stand-Alone Office to Conduct Investigations into Crypto and Other Digital Assets: Report
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 -6.93% Bitcoin Cash / USD BCHUSD $ 99.18
-$6.87-6.93% Volume 1.09 b Change -$6.87 Open $99.18 Circulating 19.1 m Market Cap 1.89 b 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card 7 mon Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe BSV -6.33% Bitcoin SV / USD BSVUSD $ 53.06
-$3.36-6.33% Volume 70.41 m Change -$3.36 Open $53.06 Circulating 19.08 m Market Cap 1.01 b 7 mon “We're Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million 9 mon Robinhood Trading App Rolls Out “Dollar Cost Averaging” for Crypto Investments 10 mon BSV Network 'Enduring A Series of Block-Reorganisation Attacks' Sees Hash Rate Crashing Over 52% LTC -4.39% Litecoin / USD LTCUSD $ 50.58
-$2.22-4.39% Volume 616.7 m Change -$2.22 Open $50.58 Circulating 70.62 m Market Cap 3.57 b 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card
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.