Ethereum Classic (ETC), a fork of Ethereum was recently listed on two popular cryptocurrency marketplaces. It was listed on Coinbase Pro on 7th August 2018 and was listed on Robinhood on August 9th 2018. Despite of opening up to a huge potential market, the prices of Ethereum Classic have fallen by 30%.
Before the August 7th, Ethereum Classic’s cost jumped on two recent events, the earliest of which started on June 11th, when Coinbase declared its intent to add it to its own platform. It went from $12.19 to $16.40 within the subsequent 48 hours, printing a 34 percent profit.
The next and most striking boost began on August 3rd, after a second statement from Coinbase that stated that ETC trading could eventually go live on August 7th. From August 3rd to the 7th, the price increased more than 50%, hitting a peak of $21.25, according to statistics in CoinMarketCap/BitFinex.
It is not just a surprise when costs rise significantly after information of this kind is published, as investors would take advantage of an opportunity when it was undervalued and when taking into consideration the prospect of a huge cash flow growth that may accompany a market record.
Nevertheless, this period of volatility frequently causes the price to rise or fall at which the advantage is no longer believed undervalued, setting the stage for a industry sell-off. Ethereum classic has been not any exception to this fact. Following the current cost high of $21.25, the cost has dropped more than 30 percent versus the US dollar and as of press time, it’s trading at $15.
Nevertheless, it is well worth noting that the whole cryptocurrency marketplace was in a significant downturn as of late, dropping billions of dollars worth of market capitalization worth during Wednesday’s trading session.
Ethereum classic emerged at 2016 after the divisive meltdown of this DAO, the ethereum-based financing vehicle that collapsed after a painful code exploit. An eventual “fork” of the Ethereum blockchain to loosen losses attached to the DAO led to formation two different blockchains.
