Ethereum Classic Soars Following Coinbase Addition

The price of Ethereum Classic soared by 15 percent in the wake of Coinbase’s announcement that ETC will be listed on the exchange as of yesterday. At its peak, a single ETC was worth $14.91; the valuation has since cooled to $13.58.

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

Whoa! London Summit’s new site is LIVE

— Coinbase (@coinbase) August 15, 2018

“ETC will be available to customers in every country where Coinbase Consumer is available. We’re thrilled to offer ETC to all of our customers and will continue working to add more assets to Coinbase,” the company Tweeted.

Ethereum Classic has also been added to the Coinbase Index Fund, and now accounts for 0.91% of the fund “in accordance with weighted market capitalization,” according to a report from NewsBTC.

Plans to Add ETC to Coinbase Emerged in June

Coinbase originally announced that it would be adding Ethereum Classic to its platform in early June. At the time, no official date was given for the addition of ETC to Coinbase–the announcement simply said that the cryptocurrency would be added in “the coming months.”

Ethereum Classic was also added to the Robinhood exchange and to Coinbase Pro last week.

The cryptocurrency also managed to move up to 11th-place on CoinMarketCap, surpassing Dash and Tron in the process.

Ethereum Classic’s gains could be another example of the phenomena around Coinbase’s “golden touch”–every time a cryptocurrency gets added to the platform, a wave of speculation and new investors pumps up its volume, at least temporarily.

“It is likely that speculators are doing their best to cash in on the potential influx of investor interest following a Coinbase listing, as the exchange has been continually touted as one of the most influential services in this space,” a report from NewsBTC reads.

Even rumours of Coinbase listings can shoot up a coin’s volume, as has been evident in the past. However, Ethereum Classic’s addition to multiple new exchanges is a good sign that a higher valuation may be in the coin’s long-term future.