Crypto is back, and most coins are looking up. If this momentum continues, bulls will be in control of the market in a few weeks, and the market could be headed back to its all-time highs. One crypto that looks set to perform quite well is Ethereum Classic (ETC). In the next few weeks, ETC could easily be trading at over $100.
One of the key fundamentals that will drive up Ethereum Classic is institutional money coming in through Coinbase. A few weeks ago, Coinbase announced that they would be listing Ethereum Classic in a few months. While this was good news, the bigger news is that Coinbase’s custodial service for institutional players is now ready. This will see an influx of institutional money into ETC, and other cryptos listed on Coinbase. Considering that Ethereum Classic has got to where it is based on retail investors, the entry of institutional money will be a game changer, one that will take ETC to new heights in the near future.
The entry of institutional investors intoEthereum Classic (ETC) will also give it credence in the eyes of corporations, and see them adopt this blockchain for business purposes. That’s because it is easier for a corporation to work with a crypto that has hedge funds and pension funds as investors, than one that doesn’t have such investors.
Ethereum classic, also has one asset that most other cryptos don’t have, and that’s immutability. Immutability simply means that information cannot be edited once it has been entered on this blockchain. This makes it great for creating long-term contracts, which can stand not just the test of time, but also stand in a court of law.
Ethereum Classic’s roadmap also adds to its long-term value, especially the introduction of Sharding in 2019. Once this is done, the value of Ethereum Classic (ETC) will shoot up, since it will make it one of the most usable blockchains in the market. Ethereum Classic (ETC) will attain over 1000 transactions per second, placing it way ahead of most platform blockchains in the market today.
Even from a technical analysis perspective, the long-term prospects of ETC looks set to make some big moves. In the last 4 weeks, Ethereum Classic has been trading above a long-term support level at $12. The fact it has held strong and made higher highs for the last 4 weeks is a sign that it is already in a long-term bullish trend. Once it breaks above $25 (the longer-term resistance-level), there is no other major resistance point between that point and the all-time highs. In essence, the all-time high of $47 is very much within reach in coming months. If institutional money buys into Ethereum Classic in huge volumes, then the next high could be way higher than $100.
With such a strong upside potential, Ethereum Classic (ETC) is one of the most undervalued cryptos in the market today. It’s headed to the moon!