Major exchange Coinbase plans to integrate Ethereum Classic, enabling users to buy and sell it for traditional money. Many Twitter users are perplexed and upset because Ripple’s XRP was overlooked. Conversely, enthusiasts of Ethereum Classic are overjoyed. Coincidentally, ETC values surged by 20% post-announcement.
Classic Is Coming
According to the official Coinbase blog post The company is set to commence the technical work necessary to introduce the token shortly. Subsequently, they will unveil the precise date for trading via their blog and official Twitter feed, expected within the coming months.
This rollout diverges notably from the Bitcoin Cash precedent where an abrupt introduction led to a rapid price spike an hour before the asset was publicly listed, sparking insider trading accusations. investigate and prosecute the perpetrators if any are found.
With this structured approach, the company transparently outlines their plans to back the asset long before official support, allowing the market ample time to adjust expectations and prepare.
Ethereum Classic prices skyrocketed following the news, with values climbing from $12.88 to a peak of $16.15 shortly after 9:20 AM UTC on June 12 before slightly receding to $15.36.
Ongoing Developments in Ethereum Classic
For those seeking more clarity on what sets Ethereum Classic apart from Ethereum, we encourage you to explore our guide on the subject here . Bearing that in mind, let's review some of the latest strides Ethereum Classic has made.
First, the currency benefits from a highly active and financially backed team committed to continuous technical innovation. Furthermore, its marketing team has revitalized its brand presence with fresh, visually appealing elements. This growth goes hand in hand with support from Grayscale , an investment group with a significant stake in Ethereum Classic. Grayscale has sponsored a series of gatherings dubbed Ethereum Classic Summit where developers, investors, and industry leaders converge to discuss future prospects. Last year's conference took place in Hong Kong, and this year's will be in South Korea. Grayscale also operates an Ethereum Classic Investment Trust detailed here .
From a technical standpoint, Ethereum Classic offers some distinct advantages over the original Ethereum. Notably, it often suffers from less network congestion, resulting in transaction fees being usually under a cent and confirmations happening in mere seconds. The platform accommodates all of Ethereum’s smart contracts, plus additional unique features.
Interestingly, Ethereum Classic has opted to continue being a proof-of-work remain a proof-of-work system rather than switching to proof-of-stake like Ethereum. Given that specialized ASIC hardware is available to mine its algorithm, there's potential for a migration of former Ethereum miners to Ethereum Classic if it remains profitable.
XRP Left in the Dust
$XRP fans are losing their minds
— SOLOSHI (@BullOfCrypto) June 12, 2018
There's been a long-standing expectation that Coinbase would be listing Ripple’s XRP next, as Ripple has courted banks and institutions, making it seem appealing for a platform like Coinbase.
Several theories exist as to why Coinbase may not have opted for XRP yet, perhaps related to the ongoing legal proceedings against Ripple, accusing the asset of being out of thin air , akin to a perpetual ICO and not subject to ordinary market dynamics. Furthermore, despite their boasts, Ripple’s XRP has yet to secure backing from any major bank or corporation. no formal adoption Another consideration might be technical obstacles behind the scenes. XRP’s centralized nature—lacking mining or staking, instead, utilizing approved nodes to process transactions—has sparked criticisms, potentially posing challenges Coinbase wished to avoid. However, this is speculative as Coinbase hasn’t directly addressed the XRP matter.
While predicting prices is impossible, assets listed on Coinbase typically enjoy notable gains. For instance, Litecoin and Ethereum witnessed substantial price rises post-coinbase listing, partly due to Coinbase’s user-friendly interface allowing investors to liquidate to cash. It often serves as an entry point for crypto newcomers.
"ez-toc-section" id="Future_ETC_Prices">Future ETC Prices
Introducing Ethereum Classic to their offerings might mirror these trends to some extent. While time will reveal outcomes, it’s certain that Ethereum Classic’s prospects seem significantly optimistic following this development.
Robert is the News Editor at Blockonomi, a staunch advocate for the freedom and autonomy promised by the digital economy's rise. He's been deeply embedded within the crypto world for years. Reach out to Robert@level-up-casino-app.com
