After listing four major cryptocurrencies, Coinbase is certainly not slowing down any time soon with the number of cryptocurrencies it will be listing on its platform for trading. Coinbase announced to the public at the beginning of this week that it would start trading Ethereum Classic in a few months time. And just like its previous announcements, it has caused major spikes in the cryptocurrency market.
Ethereum Classic, the forked coin from the main Ethereum token, only came unto the scene a couple of years ago. Its price hasn’t been as high as that of Bitcoin Cash did, but judging by the price it hit within such a short period one can say it hasn’t been a flop coin. The coin stood at $13 entering this week, and right after the announcement it shot up like crazy to $16. And for a coin that most people don’t really root for, a $3 dollar raise within such a short period. A similar rise in value was seen for Litecoin when Coinbase announced they were going to start trading in the Charlie Lee creation a couple of months ago.
The currency was developed by a number of developers when they felt like some proposed change to the mainstream Ethereum currency where inappropriate. According to CoinMarketCap which gave figures for the value increase, the total market cap of Ethereum Classic is about $53 billion as at today.
Ethereum Classic will be joining the pre-existing Bitcoin, Bitcoin Cash, Ethereum, and Litecoin which are already traded on the platform as its fifth offered cryptocurrency right away they have sorted out technical issues according to a blog post by the US cryptocurrency trader.
“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).”
The US trader has decided to limit its number of “tradable” tokens so far to just four as compared to rival platforms that offer a much wider range of tokens for trading. This has been largely due to the fact that cryptocurrencies are by themselves unregulated and major economies are having a hard time with that issue alone. Thus it is treading the safest path by only trading in coins which over time seem to gain wide approval from people and get “real world” uses despite their unapproved status before enlisting them on their platform for trading.
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