Could you argue that August has been the month for Ethereum Classic? Probably so. In terms of investment value, Ethereum Classic hasn’t reached any stunning new heights, but, overall this month has outlined some very positive changes for Ethereum Classic, changes that going forward will have a very big impact on the value of the currency.
Before the coin dump of mid August that saw values crashing down, Ethereum Classic did peak over $20.00, proving that it does have the capacity to grow, sadly though the organic downtrend gripping the markets at the moment is stopping Ethereum Classic from progressing any further. Once the markets pick back up though, Ethereum Classic is sure to fly high after this months progression.
What waves has Ethereum Classic made this month?
First of all, Coinbase. Many many weeks ago, Coinbase announced that they would be listing Ethereum Classic on their exchange. This was met by a buzzing community, the excitement surrounding the news soon dwindled though as it did take Coinbase a number of weeks to actually let the listing go live. This is because the team at Coinbase wanted to get it right and therefore spent a while testing the platform in order to ensure they could facilitate it without hitch, straight away.
Remember though, this is the start of a big expansion for Coinbase, as, according to their official blog:
“One of the most common requests we hear from customers is to be able to trade more assets on Coinbase. Ethereum Classic is just a first step in that direction. We announced last month that we are exploring a number of other assets to add to the platform. We hear your requests, and are working hard to make more assets available to more customers around the world.”
You can see the full announcement for yourself, here.
Next up, Robinhood, and another huge listing that is set to see Ethereum Classic become far more accessible on a far greater scale, impacting not only its value, but its market capitalisation too. As of the 6th of August 2018 Ethereum Classic went live on Robinhood. If you don’t know, Robinhood is a commission free trading platform so therefore, this offers users a chance to access Ethereum Classic at a reduced rate, due to their being no fees through the platform. As it stands, Ethereum Classic is now available in 19 states across the US, with more to be added through the Robinhood platform in the coming months.
On the 10th of August, we reported on a huge revelation that pointed towards a firm called Grayscale Investments, having holding around $90 million worth of Ethereum Classic. The important news here is that this is a prime example of institutional investment, the sort of investment that is going to help pump the markets back up in the future.
“Overall, it is reported that Grayscale manage around $1.5 billion in digital assets across their portfolio of clients. Approximately $1.38 billion of those assets are in Bitcoin, but a stunning $90 million exists within Ethereum Classic, making ETC the second most ‘invested’ cryptocurrency through Grayscale Investments. This serves as evidence to prove that Ethereum Classic is encouraging institutional level investment. This is no doubt because of the sudden growth seen by Ethereum Classic over the past year and the fact that it still has ties with Ethereum, the cryptocurrency with the highest market capitalisation after Bitcoin of course. Because of all this, Ethereum Classic is seeing a huge rise in popularity, complimented of course by a recent rise in value and market capitalisation.”
See our full coverage of this story for yourself, here.
And finally, another huge exchange have also made changes to their Ethereum Classic listings this month. Bittrex have recently announced that they will be adding USD trading pairs for both Ethereum Classic and XRP in a move that furthers the international pursuit of Ethereum Classic.
These changes are just small parts of the Ethereum Classic story. They haven’t had a huge impact yet, but that’s down to the negative climate that surrounds the market. Overall, these are good signs of the future progression for Ethereum Classic, an altcoin that is now hitting the headlines and moreover, has a real chance of becoming a solid top ten cryptocurrency with a very bright future for traders and investors alike.
Will Ethereum Classic see it’s all time high of $47.70 again soon? We sure hope so. Please do remember though that this isn’t investment advice, use this as a part of your wider research and always make informed trading decisions.