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Ethereum Classic Takes Off After the Announcements Made by Binance and Coinbase

After the high losses from last Sunday and the apparent stability of the cryptocurrency market in the last few days, Ethereum Classic (ETC) experimented a strong revalorization. This was triggered by the removal of the difficulty bomb that took place last week, as well as by the announcements made this Monday by Coinbase and Binance. Both cryptocurrency exchange platforms announced they would start listing the cryptocurrency. These factors contributed to the rise of Ethereum Classic of around 20% yesterday.

While the cryptocurrency market in general suffered a loss of almost twelve percent since Saturday, ETC showed a recovery of almost 20% and 26% from its lowest level these days. The current price of Ethereum Classic is 13.83 dollars per coin.

The removal of the difficulty bomb that took place on May 29th this year pushed the price from 14.40 dollars per coin to 16.35 dollars per coin on Sunday, June 3rd. Later on, the price of Ehereum Classic stabilized at around 15 dollars, but then it started to drop again, following the abrupt drop of the entire cryptocurrency market on Sunday. However, the announcements made by Coinbase and Binance managed to push the price sufficiently enough to recover the losses incurred on Sunday.

Coinbase announced this Monday the start of the project to list Ethereum Classic on its cryptocurrency exchange platform. After the final testing phase of the technical integration, the cryptocurrency exchange will announce the launch of ETC on its platform, which is a process that will probably last for a few more months. This is what the official announcement from Coinbase says: “We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.

Per this process, we will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5).”

Binance, on the other hand, announced that since Tuesday, June 12th, it would start offering trading of the pairs ETC/USD and ETC/BNB. This cryptocurrency exchange listed Ethereum Classic eight months ago and offered the pairs ETC/BTC and ETC/ETH at the time. This is the official announcement from Binance: “Binance will open trading for ETC/BNB and ETC/USDT trading pairs at 2018/06/12 2:30 AM (UTC).”

Ethereum Classic is not the only cryptocurrency that arose in a notorious way when the cryptocurrency market seems to lateralize after an abrupt drop. LoomNetwork (LOOM) shows a recovery level higher than Ethereum Classic, with an increase of 27%.

The launch of the public beta version of the Loom SDK that was promised two months ago, it seems that this atypic rise of the price of this cryptocurrency is a consequence of the launch. LoomNetwork functions as a layer of the Ethereum blockchain network.

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