Ethereum Classic [ETC] price explodes above 16%, all eyes on Coinbase Consumer

On 16th August, the official Twitter handle of Coinbase announced that Ethereum Classic [ETC] will be available for buying, selling and other purposes 0n Coinbase Consumer. The service will take effect at 5 PM Pacific Time and be available for all the customers in countries with Coinbase Consumer.

Coinbase's tweet | Source: Twitter

Coinbase’s tweet | Source: Twitter

In another tweet, Coinbase wrote:

“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.”

This announcement is believed to have made a huge difference in the price chart of Ethereum Classic. While all the other top 20 cryptocurrencies are laying low, ETC has soared by 16.54% trading at a price of $14.08, at the time of writing.

ETC 1d price chart | Source: CoinMarketCap

ETC 1d price chart | Source: CoinMarketCap

Despite several Coinbase announcements regarding ETC previously, the token had not been performing well with a weekly plunge of 5.75. However, the Coinbase Consumer has worked its spell and ETC has finally shown its potential.

In the past week, the highest ETC jump reached $15.33 with a market cap of $1.58 billion [10th August] but soon went sliding down. On 14th August, ETC was seen trading at a depressed price of $10.37 with a diminished market cap of $1.07 billion, which is a loss of over $500 million of the market cap of ETC across the week.

While the week is still bearish for most of the top 20 cryptocurrencies, ETC has tamed the bull to take an upward trend in trading price and soared massively. The 24-hour trading volume of ETC is recorded at $4.2 million at press time.

It would not be fair to call any of the cryptocurrency a close competitor to ETC as none of them have hiked even over 5%. However, except ETC, other top 20 cryptocurrencies experiencing the green trend are Bitcoin [BTC], Ethereum [ETH], XRP, Bitcoin Cash [BCH], EOS, Monero [XMR], Dash [DASH], NEO. Though, the prices of these have only seen a minor upward change.

Recently, Ethereum Classic was also added on Coinbase Pro, that led to a huge buzz among the ETC investors and Coinbase userbase. The trading pairs announced by the cryptocurrency exchange platform were ETC/USD, ETC/BTC and ETC/EUR.

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