Ethereum classic (ETC) a variant of core Ethereum and ranked #12 by Coin Market Cap, has stamped its feet as one of the biggest gainers of the past week and 24-hour window with a little above 14% price increase amidst the cryptocurrency market dip. This speculative increase is enhanced by a Coinbase confirmation that it would list and support ETC on its platform in coming days. Coinbase looks to add and provide its teeming users basic storage utility, trading options and support for Ethereum Classic.
This announcement is backed by an official statement released by the Coinbase team stating its completion of final stage testing and readiness to accept inbound ETC transfers among users as slated for Tuesday, August 7 2018. This testing would allow Coinbase pro and prime users a firsthand utility on this platform before an extensive general utility by other users.
Aside a surge in ETC trade price due to this effect and in contrast to the traditional bearish retrogression of Bitcoin against other altcoins at this time; a notable increase in ETC daily trading volume is evident as exceeding over $230 million USD with sizeable increase in Ethereum Classic transactions currently all attributed to news of its addition to the San Francisco based cryptocurrency platform.
In a similar move, popular stock trading app and new cryptocurrency provider Robinhood has today added ETC as its 6th cryptocurrency trading pair; which comes a day earlier than Coinbases’s announced date. Ethereum classic’s addition comes into the fray with other coins supported by the Robinhood platform which include Bitcoin, Ethereum, Dogecoin, Litecoin and Bitcoin Cash(BCH).
It is yet to be ascertained if this move by Robinhood is a direct counter reaction to the Coinbase sole dominance of the crypto market utility especially in the American market or a direct customer pointer of its goal to provide more coin options in line with its current ‘COMMISSION-FREE COIN SERVICE’. Either way, both developments spell well for the Ethereum Classic altcoin and its users.