Ethereum Classic is on the way to triple digits so if you’re thinking of selling off, don’t. Ethereum Classic has proven to be a rather strong cryptocurrency over the months. The price spike in the wake of the Coinbase listing announcement contributed to reassuring the Ethereum Classic community that the cryptocurrency is a worthy contended. As Coinbase announced that it would be listing Ethereum Classic (ETC), there was an unprecedented positive sentiment in the price and volume of ETC.
Why Did the Coinbase Announcement Boost the Price of Ethereum Classic (ETC)?
Ethereum Classic one of the few cryptocurrencies that were bullish on the weekly chart. Before now, Coinbase didn’t announce the listing of a coin until one day ahead. This time, it announced that it would be listing Ethereum Classic (ETC) months before the date. This is a game changer that gave investors the opportunity to buy and hold ahead before the prices skyrocket due to the Coinbase influence.
Ethereum Classic (ETC) Price Today / USD
Some investors are buying now so they can sell later after the listing. While some others anticipated the move and bought even before the listing was announced. After the listing, the price of Ethereum Classic will skyrocket. This is no surprise as most analysts have already put Ethereum Classic in the $100 level during prediction. Fundstrat’s Tom Lee said that Ethereum Classic will sell as high as $70 or more before the year ends.
Whether anyone likes to admit it or not, Coinbase has a significant influence on the cryptocurrency market. When a cryptocurrency gets listed on Coinbase, it has the potential to rise because Coinbase users are likely to buy it. Also, a cheap cryptocurrency with potential is always a good choice for investors. This is why the prices of BCH and LTC went sky-high after being listed on Coinbase.
For Ethereum Classic, the rise will be exceptional because it is not an Ethereum fork but a platform for smart contracts that runs on the original Ethereum chain. Ethereum Classic is going to grow a great deal in the coming months and end up in the $100+ level by the end of the year. This is according to the cryptocurrency writer, Fakhan from CryptoDaily.