In the last few weeks, there has been an increased sense of positivity in the crypto market. While this has not yet caught up with most coins, Bitcoin (BTC) and Ethereum Classic (ETC) are increasingly turning bullish. Bitcoin is mainly driven by the possibility of a CBOE ETF, while Ethereum classic (ETC) is gaining momentum due to the upcoming Coinbase listing.
Investors are taking positions in Ethereum Classic, as they await the pump that will come after it’s listed. This has led to an increase in transaction rates, and they are now approaching those of January, at the height of the crypto pump. Currently, transaction rates are at 48,000 a day, and if this rate of growth continues, Ethereum Classic will very soon hit 100k transactions a day.
But is Coinbase the only reason why Ethereum Classic transactions are on the rise? Well, a quick look at all the projects that Ethereum Classic is working shows that this increase in transactions in driven by more than the Coinbase listing. Recently, the Ethereum Classic team made it clear that they want to go big on IoT. According to the ETCDEV team, smart contracts will be the key driver of the IoT market. That’s why part of their roadmap is to move towards the directed root tree structure, which gives Ethereum Classic the same advantages as DAG technology in the IoT market.
The roadmap also includes the introduction of native sidechains, which will allow for infinite scalability. When you combine this with the fact that Ethereum Classic is one of the most secure blockchains in the market, it becomes clear that it will take over the IoT market in the future. Investors are increasingly aware of this fact, which explains why there is an increase in transaction rates on the Ethereum Classic network.
The 2018/19 roadmap also looks interesting to investors on several on other fronts. For instance, in 2019, they are looking to implement Sharding, which will push up Ethereum Classic transactions to more than 1000 transactions per second. This feature will definitely push up the number of Dapps launching on Ethereum Classic, which will add to the overall value of this blockchain.
In essence, the increased interest in Ethereum Classic at this point is more than just about Coinbase. This is a crypto whose intrinsic value is growing, which makes it highly undervalued at current prices. Coinbase is simply a catalyst to a crypto that is already on the move. Once Coinbase gives it a push in volumes, Ethereum Classic (ETC) could continue to rise all through into 2019.
Ethereum Classic (ETC) has the potential to hit over $50 within this year. There is so much positive vibes around it to create the basis for such a massive price pump. Coinbase alone could push it to over $30 in a few days. That’s because it has some of the highest volumes in crypto space, which makes such a massive pump highly probable.