Ethereum Classic [ETC], the second largest holdings on Grayscale investments after Bitcoin [BTC]

On 9th August, the official Twitter handle of Ethereum Classic [ETC] retweeted a post stating that Grayscale, the cryptocurrency-focused investment trust has about $90 million of ETC in its possession, as reported by Grayscale.

The Twitter account of grayscale also carried an update regarding the same. It read:

“08/08/18 UPDATE: Holdings per share and net assets under management for our investment products. $BTC $BCH $ETH $ETC $LTC $XRP $ZEC?”

Grayscale holdings chart | Source: Twitter

Grayscale holdings chart | Source: Twitter

Grayscale, on its official online portal, defines Ethereum Classic as a cryptocurrency that is flexible and is applicable in the Internet of Things [IoT]. Moreover, ETC is the second largest holding in the Grayscale trust with Bitcoin [BTC] leading the charge with $1,385.3 million.

In July, the investment firm had about $1.4 billion of digital assets where the prime targets remain institutional and accredited investors. A recent tweet has communicated that the figure has gone up to $1.5 billion.

Recently, the market capitalization of Ethereum Classic swelled and overtook big coins, namely, Tron [TRX] and Monero [XMR] to jump from the 13th position to 11th. However, the cryptocurrency enjoyed this only for a short period and is currently sitting at the 13th rank again.

Ethereum Classic has also been under the spotlight as ETC is to be listed on Coinbase in the upcoming days. Coinbase is a leading player in the cryptocurrency trading space, among other top exchange platforms. Recently, Coinbase successfully finished final stage of ETC testing for adding it on Coinbase Pro.

Timothy Dexter, a cryptocurrency trader on the tweet commented:

“They know once ETH goes POS miners will have to jump ship. “

At press time, ETC is trading at $15.27 with a market cap of $1.58 billion. In the past 24 hours, the price has plunged by 5.67% with a trading volume of $365.8 million.

In the past week, ETC broke over $20 with a market cap of over $2 billion [7th August] but soon dropped down to a $14.73, which is one of the lowest points of ETC during this week. Another low ceiling for ETC this week was when it hit $14.26 [3rd August] with a market cap of around $1.47 billion.

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