On Monday, Robinhood announced that they had launched Ethereum Classic (ETC) trading in 19 U.S states. This quickly propelled ETC to a high of $21, pushing it to 10th on coin market cap rankings, with a market value of over $2 billion. This push in value was also catalyzed by the market expectation that Coinbase will be listing Ethereum Classic yesterday.
Even after today’s market drop, Ethereum Classic (ETC) is still the only altcoin that is trading above last week’s price levels. It’s a strong indicator that the combined influence of these two exchanges could very easily push up Ethereum Classic (ETC) to a high of $30 or more in coming weeks. Several market factors support this possibility.
First, by getting listed on Coinbase and Robinhood, Ethereum Classic (ETC) is now available to a wider investor community in the United States. This means that its demand is guaranteed to keep rising due to a higher access by American investors. It’s even more interesting that Robinhood offers feeless trading, which is an incentive for investors looking to make a buck from the increasingly bullish nature of Ethereum Classic (ETC). This incentive will in coming weeks lead to a surge in the demand of Ethereum Classic, and by extension its price.
On top of that, since Coinbase announced that they would be listing Ethereum Classic, this crypto has attracted lots of media attention. Through this media presence, more people are now paying attention to ETC and its roadmap, and it’s a good sign for the future of ETC. That’s because Ethereum Classic’s roadmap for 2018/19 includes amazing things such Sharding, which push ETC transaction speeds to over 1000 transaction per second. The roadmap also entails the introduction of sidechains, which will make ETC highly scalable, and give it a boost in the IoT space. More people now know of these upcoming capabilities of the ETC blockchain and it will have a huge impact on its price, both in the short-term and the long-run.
In essence, Ethereum Classic (ETC) is at a stage where good publicity has come at a good point in its roadmap. This could see Ethereum Classic rise to over $30 within a very short time. The current price rise that is driven by Coinbase and Robinhood is not just a pump, it could be the first step to a long-run bull rally for Ethereum Classic. It’s an amazing opportunity for both short-term and long-term investors to be involved in ETC.