Coinbase’s listing of Ethereum Classic (ETC) has seen the coin’s price hike to reach as high as $20.00 from its lows $9.00. There’s been a substantial (30% rise in price from August 14th as well.
It’s no wonder, since listing exposes the coin to an additional 20 million traders who currently use Coinbase. Secondly, following this listing, other exchanges will be seriously considering listing it on their platform, more especially since its price rally is expected to continue upwards.
Ethereum Classic Is On A Roll, Is It Time To Buy?
On August 6, a day before Coinbase was expected to announce they were listing Ethereum classic, Robinhood—a commission-free trading app, currently accessible at least 20 states in America—announced they were listing it on their platform, making it two listings in two weeks. So, is Ethereum classic on a roll? Is it likely prices will go even higher? and is it time to buy? Well, for speculators it’s a definite yes. Ethereum classic is almost definitely going to go even higher than $14.00, maybe all the way to $16.00, but, this will most likely be followed by a market correction that will maybe see it settling at around $10.00 or $11.00. However, going long wouldn’t be the worst idea, let’s not forgot early on in the year it achieved all-time highs of $40.00 and the crypto still has the backing of some major players.
New players getting into the crypto market will most likely stumble upon Coinbase, the leading crypto exchange in the U.S., or Robinhood, because of its free trading feature, although still limited in a few states. This means that Ethereum Classic will be exposed to a whole new market and the even better news is that it is one of the cheapest cryptos listed on these platforms right now.
An investor looking to try out the market will opt for a cheap coin, one that they know they can rip good profits from even with little investment, and most importantly, ones they know offers little risk. Ethereum classic will most probably be that coin, given it ranks top 20 in the market and it is relatively known in the market.
It’s also possible for Ethereum classic to go high, as high as $40 even, in the long term since it has already been there, it has tested these levels.
In February of this year, Ethereum classic was trading as high as $40. During this time, most cryptocurrencies were starting to creep into the red zone from January highs. This shows that the coin has some market resistance. Although after this the coin began plummeting and in recent weeks and months it has been trading way below those levels, it’s still clear that it has great potential and there is still so much room to improve.
Before the end of the year, we could see Ethereum classic rallying to about $20.00 but this will be hard to surpass if the market is still as low as it is now. There needs to be a general momentum around the whole market which is more often triggered by bitcoin prices. For example, should the SEC choose to approve the CBOE ETF proposal, this could trigger a price rally rescuing the whole market.
If you think of the market in terms of risk and reward, then the plan would be buy as cheap as possible, hence ensuring you stand to lose as little as possible and gain as much as possible, then sell when it’s as high as possible. If you look at it that way, then Ethereum classic offers the best bet to make some really good profit.