Ethereum Classic (ETC) has been in the news for the last few weeks after Coinbase announced that they are planning to list it. This has supported its value even as the rest of the market has continued to drop. The general expectation has been that this listing will happen in a few months. However, if yesterday’s announcement by Coinbase’s is anything to go by, Ethereum Classic will be on Coinbase sooner than most people had expected. While unveiling a list of other cryptos that they plan to list in the future, Coinbase said something to the effect that integrating Ethereum Classic (ETC) has been quite easy, since it is very similar to Ethereum (ETH). Take a look at this tweet from Coinbase.
This can be interpreted to mean that the integration of Ethereum Classic (ETC) is already complete at Coinbase, and that they could be listing it very soon. Rumor has it that this could be as early as next week. If this turns out to be true, then Ethereum Classic could be headed to the moon in a few days.
That’s because it has performed quite well when the expectation was that the listing could take months before it happens. Now that this announcement makes it probable that it could be coming sooner, there is bound to be a rush in investor interest in ETC. This rush, which could start as early as this weekend, as the word spreads could see ETC pump to over $20.
But that’s the only reason why ETC is likely to moon if it is listed next week. There is also the fact that the entire market is trading sideways at the moment. Volumes are low, and short-term investors are scouting for coins that stand the best chance to outperform the market. With such news about ETC floating around, ETC automatically becomes one of the cryptos most likely to attract short-term bulls. Such as influx of volumes will play a role in pushing ETC to over $20, in the next few days.
Besides, the news that led to the market collapse of last week have already been factored in the market. The drop was due to the Bancor hack, where more than $12 million worth of crypto were stolen. This means that next week, Bitcoin (BTC) could rise and probably test $6700. If bitcoin (BTC) rises, it will lift the entire market with it, and that includes Ethereum Classic. With all its other big news coming up, a rise in the value of Bitcoin (BTC) would see Ethereum Classic rise faster.
Of course, if some other news come out at the same time as the Coinbase listing, such as an approval of the Bitcoin ETF, it would be a real moonshot for Ethereum Classic (ETC). Basically, all factors point to an Ethereum (ETC) rally in the near-term. It has the best risk/reward ratio for crypto at this point.