The envisioned Ethereum Classic (ETC) bounce back after getting the much hyped Coinbase listing appears to be headed the wrong direction as the coin continues trade between the red and green zones like most other coins. It appears that the timing was right but the market trends proved it wrong.
The Coinbase support announcement made in June saw the community’s hype drive the coin price from $11 to $16 to the envy of other altcoins. This translated to increased volumes. The surge got a boost from Igor Artamonov from the ETCDEV’s on the teams’ commitment in sidechain infrastructure development to stem the escalating scalability bottlenecks.
Thailand’s’ Securities and Exchange Commission has also put their weight behind the coin by permitting it to be used as the preferred coin for its domestic ICO’s kicking out the popular Ethereum ecosystem. Was the listing on Coinbase worth the hype?
Coinbase Support Ethereum Classic Buy and Sell Feature
Two days ago, Coinbase added the ETC buy option in the exchange and many of its critics see the move a PR strategy to counter the negativity shown towards the exchanges after its eye-brow raising listing of Bitcoin Cash leading to a series of BCH price drops.
After the announcement sent ETC up by 20%, the coin has reverted to its old self to trade at $13.19 after shedding 5.17% to the dollar and 3.43% to Bitcoin in less than 24 hours. The conservative nature of Coinbase might not be the best fit for a promising coin like ETC despite the huge visibility the coin is set to derive from the listing.
Wanting Ethereum Classic Performance after Coinbase Listing
The ETC price failure to budge appears to be a short term hiccup made worse by the diminishing lack of interest of buying into the market as the bears are already sitting on the fence. The listing was seen as the last point towards the coin reversal. This has put the community into panic mode and this could translate in to a further dip.
However, the market continues to draw mixed reactions given that the coin performance is better that BTC and ETH who have shed 92%, 80% and XRP 92% during the market correction period with ETC shedding 73%. This is a clear indication that the Coinbase support came at a time when the entire market performance is at its lowest ebb of the year.
Coinbase, an Alternative Ethereum Classic Route to the Market
Despite the current transformative developments the project team is undertaking; Coinbase will connect the coin product with a larger audience across the globe. Its fan base in the US and regulation compliance should add more investor confidence to ETC. however, the marketing team needs to get out and drive the masses into the coin adoption.
It is worth noting that not all cryptocurrencies are driven by hype. The stability of the ETC coin is based on its infrastructure and future value proposition. After all, the coin complies with the exchanges’ policy for new asset and digital coin listings and this is a big boost not only for the community but the added investor trust and confidence.
Parting Shot on Ethereum Classic (ETC)
Despite the sluggish price and value appreciation for ETC, the developer team is shifting focus to a Lisk (LSK) infrastructure where the side-chain protocol will reign supreme and the issue of scalability will be solved once and for all and this will hit hard on the competing coins like Ethereum.
The slow and expensive transaction costs on Ethereum could soon turn out to be a blessing to Ethereum Classic. This is an opportunity the latter is trying to exploit and go for mass adoption for it to become a high profile coin to identify and interact with by investors.