Coinbase is following up on plans to open up Ethereum Classic trading to its Pro and Prime members, and Friday 3rd’s announcement sent the ETC coin price bounding to 14% gains within the space of an hour. At 21:00 UTC Classic’s coin price was sitting at $14.82 – that was moments before the announcement came.
What followed was a 14% spike in sixty minutes, as ETC climbed to a unit valuation of $16.92. Since then the price levelled off around the $16.60 mark, with the last thirty minutes in particular showing a very sizeable dip down to $16.22.
The daily volume has more than doubled since the time of the spike, jumping from $145 million to the current sum of $300 million. Almost 24% of that has come from OKEx where USDT and BTC trades dominate.
In fact the vast majority of ETC’s trades come against Tether and Bitcoin today, with Ethereum and KRW trades making up only a few percent of the total. Whether you believe the promise of a Coinbase listing (open only to those with advanced memberships) was enough to radically alter the coin’s sentiment will be dependent on your temperament.
It’s likely is that rumour-buying on the exchanges also plays a big part during moments such as these; and the price may see a correction soon as short-termers cash out. Regardless, ETC is closer to the weekly high of $17.23 than it has been since July 30th, after losing 18% in the last calendar week. Read more from hacked.com…
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