Ethereum Classic extended its rally on Thursday after Coinbase announced it would soon open the floor to ETC trades – a move that is expected to bring higher liquidity to the world’s 11th largest cryptocurrency.
ETC/USD Price Levels
The value of Ethereum Classic surged 15.9% on Thursday to $14.05, according to CoinMarketCap. The cryptocurrency has recovered more than a third of its value since bottoming at $10.43 on Monday. Prior to the most recent bear market, ETC was trading at two-month highs.
At current values, Ethereum Classic is capitalized at $1.5 billion, putting it just ahead of Tron and IOTA ($1.3 billion apiece). In terms of trading volume, more than $500 million in ETC traded hands on Thursday.
Ethereum Classic was well ahead of the broader market, which traded relatively flat on Thursday. At press time, the cryptocurrency market’s entire capitalization was $207.5 billion, up only slightly from 24 hours ago.
Ethereum Officially Joins Coinbase
Coinbase confirmed less than 24 hours ago that “Consumer customers will be able to buy, sell, store and use Ethereum Classic” beginning 5:00 p.m. PT on Thursday. ETC is just the fifth cryptocurrency to make its way to Coinbase, joining bitcoin, bitcoin cash, Ethereum and Litecoin.
The selection of Ethereum Classic in June came as a shock to the cryptocurrency community, which was expecting a higher profile coin to join the “elite four” currently supported by Coinbase. Dan Romero, Coinbase’s vice president and general manager, provided some insight on the company’s decision to go with ETC.
Although Romeo admitted to “seeing some head-scratching on this one,” the decision was largely based on regulation. ETC’s inclusion on the platform reflects the company’s desire to expand its listings while adhering to local regulations.
Earlier this year, the U.S. Securities and Exchange Commission (SEC) deemed bitcoin and Ethereum to be non-securities. Although this doesn’t apply to Ethereum Classic per se, the coin shares many of the decentralization features as its companion. Ethereum Classic was created in 2016 following a major attack on The DAO. This prompted the Ethereum Foundation to create a new version of Ethereum to rescue the lost funds.
As Hacked previously reported, ETC has become somewhat of a sleeper over the years, though interest seems to have re-emerged thanks to an active developer community.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.