Yesterday, Smartereum reported that Coinbase has finalized the listing plans for Ethereum Classic (ETC) and was making plans to run the last test before listing. For more information about this news, click here. In a time when cryptocurrencies are suffering major loses, the entire cryptocurrency community was happy to see a 14% rise in the price of Ethereum Classic following the Coinbase announcement. The price of Ethereum Classic rose by 14% within one hour trading in green after that from $14.82 to $16.92. Even though the price later leveled down to $16.60 the spike was rather impressive. Within the last 30 minutes, the cryptocurrency has dipped even more to $16.22.
Ethereum Classic (ETC) And Coinbase
The rise in price was another evidence to support what everyone in the cryptoverse already knows: Coinbase has a strong influence on the price of cryptocurrencies. The daily volume of Ethereum Classic also has a 24% rise from $145 million before the announcement to $300 million after the announcement. Most of the volume was recorded on OKEx and most of the Ethereum Classic trades were against Bitcoin and Tether. KRW and Ethereum trades only made you for five percent of the total volume.
The Coinbase listing will only be opened to those with premium membership and when trading starts, the price will most likely experience a more stable and permanent spike after the listing is complete and trading is enabled. Even if Ethereum Classic hasn’t crossed the weekly high at $17.23, it is still rather close to for the first time since July 30th. The price correction has already started so stay sharp for the next few trading sessions. It’s true that the Coinbase announcement about Ethereum Classic deposits helped push the price up but in a volatile industry such as this, it’s better to be safe and stay within your predetermined capital.