Ethereum Classic ETC Sees Positive News; Could See Price Rebound
Strong interest from financial firms saw ETC experience a +10% gain last week. This is surprising given that cynics doubted it would survive after its infamous hardfork.
Until the recent crypto sell-off, altcoins had a week of gains. ETC led many of the top 20 coins in price increases. Why? It saw a series of major announcements from large financial institutions.
Still, skeptics will say ETC has been subject to pumps and dumps in the past. But, this doesn’t seem to be the case this time around. It’s secured interest from at least two financial firms just this last month. This promises to expose Ethereum Classic to both consumers and institutional investors.
The first positive news came on August 28th. Kingdom Trust announced they were launching a Lloyds of London insured custody platform. It would cater for a few crypto assets. One of the crypto coins on the list was Ethereum Classic.
Next was Balance, on August 30th. The Canadian company announced that they were launching a crypto custody platform. It would feature military grade security. The custody would offer a secure offline storage and digital asset management solution. The main target is institutional investors. Such as depository banks, family offices, and hedge funds. It would support eight crypto coins and ETC was one of them.
Both of these developments highlight how regarded ETC still is within the crypto community. It’s no surprise the past week has seen it experience a 10% gain. That gain pushed its price to $14; before falling back toward $11.25 after the market shed gains on the back of soured Bitcoin news.
Ethereum Classic trading volume is also aiding the gains. At $214.19M, this is very high compared to many other altcoins that are on the market today.
How these developments will impact the long-term ETC price remains to be seen. As we have learned, its difficult predicting crypto markets. But what we are sure of is that ETC is very much alive and on the radars of financial firms, trading platforms, and those interested in the overall Ethereum goal.
It’s still too early to make ETC price predictions. But, things seem to be coming together for the platform.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology