The crypto market is still down after the massive selloff witnessed on Sunday. The crypto charts are flooded by a sea of red with the only exception coming from ETC. Coinbase has unexpectedly announced that they will add the token to the exchange and this has seen its price suddenly surge meaning Ethereum Classic is altcoin of the moment.
The altcoin is currently trading at $16 which represents a 24% gain in the past 24 hours. The sudden surge in interest of the altcoin comes from the announcement that Coinbase made on its official blog and twitter handle that it will integrate Ethereum classic on the platform over the next few months with listing set to occur sometime in September.
Like the other altcoins, ETC had been on a downward trend losing over 15% in the past 30 days but the announcement made by Coinbase has lured speculators in and this has seen the altcoin price surge dramatically.
On the blog, Coinbase outlines all the details of the integration and they have gone ahead and answered some of the most frequently asked questions that may arise. On the issue of ETC held in GDAX at the time of the hard fork in 2016, the platform says it will give exchange users who had Ethereum balances the ability to withdraw ETC.
With this early announcement, it seems Coinbase is trying to avoid the kind of speculation and inside trading that spoiled the integration of Bitcoin Cash last December. At the time BCH hit a high of $8,500 on Coinbase compared to the $3,500 trading price on other platforms.
This listing on Coinbase may help ETC regain it former highs that it experienced in January of this year when it was trading at $47. Since then the altcoin has been on a downward trend.
ETC current surge is no coincidence and the news of being listed on Coinbase ensures Ethereum Classic is altcoin of the moment.
Can ETC keep outperforming the other altcoins? Share your thoughts in the comment section below.