Ethereum Classic Launches on Coinbase
Coinbase has completed the launch of Ethereum Classic across all of its services and platforms, with Ethereum Classic now available to buy instantly across the Coinbase consumer mobile app and web interface. Coinbase users are now able to easily buy and sell ETC for traditional fiat currencies like British Pounds and Euros. Ethereum Classic joins Bitcoin, Bitcoin Cash, Ethereum and Litecoin as the fifth cryptocurrency asset currently supported on Coinbase’s consumer platforms.
The last cryptocurrency asset to be added to all of Coinbase’s platforms was more than eight months ago, when Bitcoin Cash was added on December 19th, 2017, despite being originally planned to be added on January 1st, 2018. Bitcoin Cash’s sudden acceleration in its launch was preceded by a spike in its price, seeing it rise up to more than $8,000 USD before the listing, leading to an investigation which eventually found no insider trading had occurred amongst Coinbase employees.
ETC Price Reaction to Coinbase Addition
Since its significant lows of $10.13 on August 14th, Ethereum Classic has now risen up in value by 40% in the past three days, with the price currently $14.30 at the time of writing. While this doesn’t quite compare to the highs of $21.22 reached earlier this month, Ethereum Classic’s 40% rise in price came at a crucial time, with ETC’s price at its lowest point in 2018 as it was retesting last year’s support of $9-10.
Below is the current daily chart for ETC/USD from TradingView:
Coinbase Exploring Other Assets
In the brief blog post announcing the ability to buy and sell Ethereum Classic, Dan Romero, Vice President and GM of Coinbase Consumer also mentions that Coinbase is well aware of the requests to add more assets on their consumer mobile app and web interface. He goes on to link to Coinbase’s blog post from July, where they announced the exploration of five new possible assets (Cardano, Stellar Lumens, Basic Attention Token, Zcash and 0x), before echoing that the Coinbase team is working hard to make more assets available to Coinbase app and web users around the world.
The complete launch of Ethereum Classic on all Coinbase platforms marks a solid step towards seeing at least one or two more assets also launch on Coinbase consumer by the end of 2018. Of the five contenders, Stellar Lumens (XLM) and Cardano (ADA) are considered by many as the likeliest contenders. This is largely due to their significant market caps, with XLM having a 4.3 billion USD market cap and ADA sitting only slightly below at 2.6 billion USD.
Ethereum Classic’s Value and Future Asset Additions
Both XLM and ADA have a significantly higher market cap than Ethereum Classic, but are worth much less than Ethereum Classic at the time of writing (XLM at $0.22 and ADA at $0.10) due to their much larger circulating supply and significantly lower trading volume. When considering the value of a cryptocurrency, while the total market cap should be considered, looking at the volume of an asset over the past 24 hours can give you a much better sense of its use-case and actual value.
Ethereum Classic is the sixth cryptocurrency in total 24h volume at the time of writing – higher than Bitcoin Cash, Ripple and Litecoin. It’s also important to consider how far above Ethereum Classic is in terms of volume compared to these other possible assets being explored by Coinbase. Zcash’s past 24 hours volume of $85 million USD comes closest to ETC’s $485 million USD in volume, with Cardano and Stellar Lumens trailing right behind at $75 million USD and $68 million USD respectively.
Of the five assets being looked into, Basic Attention Token currently has the lowest market cap at $216 million USD, with one BAT valued at $0.21. BAT also has the lowest volume of the five contenders, with $4.19 million USD of BAT circulating over the past 24 hours. It will be interesting to see how many assets will be added by Coinbase on what kind of timeframe. It is unsure whether Coinbase is looking to add one of these assets or all five and on what kind of timeframe, however, it looks like Ethereum Classic will surely be joined by at least another new asset on Coinbase in 2018.
Ethereum Classic White Paper Breakdown Soon!
With Ethereum Classic now added to Coinbase and available to a much larger market of consumers, it will be worth keeping an eye on Ethereum Classic’s price as it shapes throughout the next few weeks. In the meantime, if you’re looking to learn more about Ethereum Classic, we highly recommend that you visit the website EthereumClassic.org where you can learn more about the Ethereum Classic project.
News Coin Today has been preparing an Ethereum Classic white paper breakdown, where we will go through the Ethereum Classic white paper and provide an in-depth explanation regarding the project and its scope. Until we post our ETC white paper breakdown, you can enjoy reading the Ethereum Classic white paper here.
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