The community has been waiting eagerly for this and finally the time has come for Ethereum Classic ETC to trade on one the biggest exchanges in the world. It has been several months since Coinbase announced that it intends to list Ethereum Classic on its platforms. The engineering team at the exchange has been working tirelessly to ensure that the listing of the digital asset is successful.
Ethereum Classic surged tremendously yesterday on the announcement that it was now available for buying and selling on Coinbase Consumer (Coinbase.com) as well as the mobile app. This listing has been a big step not only for Ethereum Classic but also for Coinbase itself. Ethereum Classic ETC trading volume is bound to increase while the effect will also be seen in the market capitalization. The adoption of the cryptocurrency is expected to increase as the new listing expose to millions of new users around the world. Coinbase has also opened the door for more people to buy into the crypto that is growing at a very astonishing rate.
“Starting today, Coinbase Consumer supports Ethereum Classic (ETC) on Coinbase.com and the mobile app. Customers in every country where Coinbase operates can log in now to buy, sell, send, receive, or store Ethereum Classic, along with Bitcoin, Bitcoin Cash, Ethereum, and Litecoin,” Coinbase wrote on the Medium.
As expected, Ethereum Classic reacted well to the listing on Coinbase.com. It is essential to note that Coinbase initially had Ethereum listed on Coinbase Pro and Coinbase Prime Platforms. This was to ensure that liquidity was established before launching the asset for buy and sell on Coinbase Consumer. The listing on the two platforms above saw ETC/USD surge and exchanged marginally above $20.00. Its market capitalization surpassed that of Tron (TRX) to become the 11th largest cryptocurrency by market capitalization.
However, the bear pressure that has been in the market the last couple of weeks had Ethereum Classic trim gains. ETC/USD declined to test the primary support at $10.00 while its market capitalization shrunk and Tron (TRX) came back to the 11th position on CoinMarketCap. Significantly, Ethereum Classic surged yesterday considerably both in price and the market capitalization. It surpassed both Tron (TRX) and Dash (DASH) to reclaim the 11th place.
At the time of writing, Ethereum Classic ETC is valued at $13.63. It is down 1.81% on the day after breaking below the support at $14.00. ETC/USD bounced off the primary support at $10.00 and exchanged hands near $16.00 before it began reacting lower. The asset appears to have found a support at $13.00 and the downside movement has slowed down. The effect of listing on Coinbase has been good on Ethereum. Although the surge seems to be over, we expect the trading volume to remain high through the rest of the week as well as the start of the coming week. If the high volume is maintained, Ethereum Classic could easily become a top ten cryptocurrency while bouncing above the $20.00 level is still a possibility.
Coinbase, on the other hand, went ahead and assured its customers that it is exploring other new assets and that Ethereum Classic is just but the beginning. Coinbase told its customers that:
“Ethereum Classic is just a first step in that direction. We announced last month that we are exploring a number of other assets to add to the platform. We hear your requests, and are working hard to make more assets available to more customers around the world.”