The buzz of the ETC being listed on Coinbase, one of the biggest exchange platform in the world, has been going on for a long time in the cryptocurrency space. They recently announced that they have launched ETC/USD, ETC/BTC and ETC/EUR trading on Coinbase Pro.
The exchange platform on Twitter announced:
“ETC-USD, ETC-BTC and ETC-EUR order books are now in full trading mode! Limit, market and stop orders are all now available across all ETC trading pairs.”
The exchange platform had previously released a statement that they would be listing the coin on Coinbase Pro, a platform for individual traders, first, and later, listing it on Coinbase.com.
Coinbase said that they would be listing the coin on their main platform after they gain enough liquidity. They are expecting to gain the liquidity within 2-3 weeks of opening full trading. The exchange platform had launched the coin in four stages i.e., trade only, post only, limit only and then the last stage was the full trading.
They had also mentioned that if the market fails to complete their healthy and orderly assessment, they would completely suspend the coin from their platform or prolong the duration of one particular stage. The full trade service depicts that the coin has successfully completed their assessment.
Crypto Dragon, a Twitterati said:
“Congrats on the professional implementation and roll out!
Barry Silbert, Founder and CEO of Digital Currency Group said:
“fantastic rollout. kudos”
Rehan Mesaniya, a Twitterati said:
“They are manipulating the price. They will go around 12$ and then they will increase to moon”
Ethereum Classic [ETC] has been on a roll in the cryptocurrency market. Grayscale, a cryptocurrency investment trust’s second-largest holdings is Ethereum Classic [ETC], after Bitcoin [BTC]. The company has about $90 million worth of ETC and they claimed that the coin is flexible and can be implemented in the Internet of Things [IoT].
Moreover, the coin also received a huge support from Bittrex at the beginning of this week. Bittrex announced that they would be opening USD market for Ethereum Classic and XRP on their platform in order to provide a convenient, secure and fast trading options for their customers.
Coinbase and Bittrex weren’t the only platforms to support the digital currency. Robinhood had also joined the bandwagon by making it the sixth cryptocurrency to be listed on their platform.
According to CoinMarketCap, at press time, Ethereum Classic [ETC] was trading on the 13th position and was valued at $15.23. The coin has seen a rise of more than 1% in the past 24 hours.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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