Ethereum Classic has for some time now been referred to as the most undervalued cryptocurrency in the market. However, this situation is probably going to be a thing of the past following the announcement that Coinbase is listing ETC to its selective list of tradable instruments. And perhaps this is the push that Ethereum Classic has been waiting for all along.
At the time of press, Ethereum market capitalization has taken a big leap above $2 billion. According to CoinMarketCap, it has jumped another position and is currently the 11th largest cryptocurrency by market capitalization.
Ethereum Classic is known as the original Ethereum blockchain. This is because, after the hack attack on the Ethereum blockchain in 2016, Ethereum Classic did not hard fork to reverse the stolen funds. However, the second largest crypto in the market, Ethereum (ETH) reversed the funds through a hard fork, therefore, changing the original code. Ethereum Classic has for a long time, existed in the shadows of the popular Ethereum (ETH). The crypto is currently embracing the boost due to the listing on a major cryptocurrency exchange not only in the United States but also in the whole world.
On August 6, Ethereum Classic was added to Robinhood; a commission-free trading application that operates in the United States. This listing comes just before the much-awaited Coinbase listing. Robinhood made the announcement via a blog post, besides trading went live on the same day. Robinhood cryptocurrency trading app is available in 19 US states. The users in these states can now buy, sell or hold Ethereum Classic (ETC). The app also supports trading of other digital assets, for instance, Bitcoin (BTC), Ethereum (ETC), Bitcoin Cash (BCH), Litecoin (LTC) and Dogecoin (DOGE) which are already supported on the platform.
Consequently, Ethereum Classic is about to be listed on Coinbase, as mentioned above. ETC trading is expected to go live on Coinbase today, August 7. The announcement from Coinbase last week said that the company is in the “final testing” phase before the listing goes live. It went ahead to say that ETC transfers will begin to take place on Tuesday 7. Trading will initially be available to Coinbase pro and Coinbase Prime users only. Other customers will not be allowed to trade with the asset just yet, however, the company will open the trading to Coinbase Consumer in a period of 1-2 weeks.
“We intend to allow 24–48 hours of transfers through Pro/Prime before opening the markets. In accordance with our Trading Rules, all ETC books will open in post-only for a minimum of 10 mins. Once sufficient liquidity is established, trading will then be enabled on Pro and Prime,” read last week’s announcement.
ETC will be available for trading on Coinbase Consumer “only after they are listed on Coinbase Pro and Prime,” said the blog post.
“We plan to add support for ETC on Coinbase Consumer when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Pro and Prime.”
At the time of press, Ethereum Classic (ETC) is trading at $19.31, although it exchanged hands as high as $21.11 during the Asian trading hours. Its trading volume is currently at $544,095,856 in the last 24 hours. At the end of the trading session yesterday, August 6, the trading volume was $347,516,000. Ethereum Classic is among the few coins trading in the green, besides it is up 2.32% on the day and 10% in the last 24 hours.