Ethereum Classic (ETC) is the second best performing digital currency in the last 24 hours second only to VeChain according to CoinMarketCap. The price pumps as the cryptocurrency expects to be made available on the mobile app of Coinbase later today.
The Pump is Real
Coinbase announced August 15 that it would be making Ethereum Classic (ETC) available for trading on its mobile app.
Starting at 5pm PT tomorrow, Coinbase Consumer customers will be able to buy, sell, store and use Ethereum Classic (ETC) on https://t.co/pl8Hu0qDiW and through the mobile app. pic.twitter.com/Qd7KgYpE0y
— Coinbase (@coinbase) August 15, 2018
Not surprisingly, the price has reacted, as it’s typical for digital currencies which get listed on the largest US-based cryptocurrency exchange. At press time, Ethereum Classic is trading at $14.00, which represents an increase of almost 15 percent in the last 24 hours according to CoinMarketCap.
The cryptocurrency has had its fair share of fluctuation within the last month. At the beginning of August, ETC reached a price slightly upwards of $20 immediately after the zero-commission cryptocurrency trading platform Robinhood announced its listing.
Pumping in a Bear Market
The news for Coinbase’s intended support for Ethereum Classic emerged back in June. The event was somewhat controversial as it took place shortly after the company said that it had no plans to introduce new coins.
It’s also noteworthy that the substantial increase in the price of Ethereum Classic comes at times when other major digital currencies are depreciating in value. As a matter of fact, at the time of this writing, only five from the top 20 cryptocurrencies are trading in the green – all others are marking declines, with EOS taking the largest hit for the past 24 hours. It lost roughly around 5 percent of its value.
What do you think of the soaring price of ETC? Don’t hesitate to let us know in the comments below!
Images courtesy of CoinMarketCap, Shutterstock