Ethereum Classic Price Boosts as Coinbase Custodian Rolls Out

Ethereum Classic (ETC) is the only coin to hold strong out of the top-30 amid the general decline of the last 24 hours.

ETC saw a price hike of 6.6% earlier in the day, shooting from $16.77 to $17.88 within the space of a few hours. A rebound immediately followed which returned Ethereum Classic to the $16.90 range, but another surge in the last two hours has pushed it back up to $17.57. Even at its current price, ETC is still up 4.7% from its lowest point in the last 24 hours and continues to edge upwards while all else around it falls.

Ethereum Classic’s weekly charts show a consistent stepped incline – at the start of the week one coin was worth $14.47, marking a huge 21% growth over seven days. This is consistent with the weekly trend so ETC isn’t alone in this regard.

Coinbase Custodian Service Rolls Out

It does stand out, however, when examining the monthly trends. Ethereum Classic is currently still up on its price this time last month – a feat which few can claim following the extended dip of mid-June. This was helped in no small part by the announcement by Coinbase that Ethereum Classic would be added to their list of compatible coins.

Over the last few days, that announcement has begun to turn into reality, as Coinbase rolled out its Custodian service – the exchange’s platform for opening up cryptocurrency to financial institutions and hedge funds.

That means that Ethereum Classic would have been exposed to a lot of new money over the last few days, and could help explain its continued growth. The nature of the Custodian service on Coinbase means that the average crypto enthusiast cannot yet buy Ethereum Classic on the exchange, so the effect may not be as strong as one would imagine.

The Hype Increases

The last week has saw a marked increase the number of Ethereum Classic articles appearing online. ETC’s positive performance throughout June gave birth to much talk of a bull run, with many predicting triple figures for the remnant of the Ethereum fork.

A triple-digit value may still be some way off at this point, but the fact that ETC has managed to dodge the brunt of today and yesterday’s dip means something must be going right for it.

Skeptics still have something to cling to however, as a quick glance at ETC’s exchange numbers today reveals that 40% of its trades have come against USDT Tether, scattered across various exchanges. Accusations have been laid at Tether’s door in the past, and many view its activities with suspicion.

For the moment, however, Ethereum Classic is benefitting from that association.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.