Monday, 6 Jul 2020

Since Ethereum Classic Listing, It Is Been Down By 30% On Coinbase

The price of Ethereum Classic (ETC) has fallen by over 30% against the US dollar after its listing on Coinbase.

Earlier to August 7, the price of ETC increased by two recent occasions, the first of which began on June 11 when Coinbase announced its intention to add to its classic ethereum platform. The ETC price went from $12.19 to $16.40 in the next 48 Hours, resulting in a 34% gain.

Since Ethereum Classic Listing, It Is Been Down By 30% On Coinbase

The next and most spectacular push began on August 3, following an announcement from Coinbase, stating that ETC trading would eventually be released on August 7.

In the duration of August 3 to August 7, the price climbed more than 50% in dollars, to a record $21.25, according to Bitfinex data.

This is not exactly a surprise when prices rise notably post releases of news of this kind, while investors see it as an undervalued asset as they take into account the possibility of a sharp increase in liquidity in an IPO.

That said, this period of volatility often ensures that prices rise to a level where the asset is no longer considered undervalued, paving the way for a market settlement.

Ethereum classic was no exception to this reality. After the recent price increase of $21.25, the price has fallen more than 30% against the US dollar and is currently trading at $15.

It should be noted that the entire cryptocurrency market has lately been in a major doldrums and lost million dollars during the trading session on Wednesday, in its market capitalization.

Classical Ethereum was launched in 2016 after the collapse of the disruptive, The DAO, the financing medium based on ethereum, which failed after exploitation of debilitating code.

Anticipation has also been made about if ether can recover its position with such a great drop.

Post Comment