Ethereum Classic [ETC] sees a hike in transaction volume post Coinbase announcement


On 5th August, Ethereum Classic [ETC] transactions touched figures of 65,560, the highest it has seen this month. The cryptocurrency community speculates that the surge is due to Coinbase’s announcement made on 3rd August that they were in the final stages of testing Ethereum Classic. Soon after which the cryptocurrency is said to be added to the exchange platform.

Ethereum Classic’s highest surge in daily transaction volume took place on the 5th of March, with the transaction volume hitting 101,933. The spike is said to have occurred due to the  ETC – Callisto airdrop. The second highest daily transaction volume took place on 29th July. The transactions during this time had gone up to 85, 587.

The daily transaction volume between 1st March 2018 and 5th August 2018 | BitInfoCharts

There were rumors about the ETC listing several days before Coinbase’s official announcement. Earlier in June, TechCruch had reported their conjecture regarding the same.

Ethereum Classic on their official Twitter said:

“Killin it with transaction volume.”

The announcement regarding ETC support on Coinbase also led to a hike in the cryptocurrency’s price. ETC leaped to 14.03%, trading at $16.57 with a market cap of about $1.7 billion within 24 hours of the announcement.

Twitterati, Ttomlliwynnad  commented:

“Slow and steady, m2m IoT adoption and 2019 5g networks coupled with an incubator program, solid backing including financially, amazing dev teams, an upward trend in product awareness confirmed by google analytics, building teams, oh and Coinbase…..I know where my long hold is.”

Jaiveer_katiyar, another Twitterati added:

“Wait for trade in Coinbase ETC will hit 25$ that day.”

The coin recently celebrated its 2 year anniversary since its hard fork on July 21st, 2016. The recent updates from the Ethereum Classic team outlined two ongoing projects – The Emerald-Js project and the Classic Geth Project.

Market cap and price of ETC in the last week | Source: CoinMarketCap

ETC price chart || Source: CoinMarketCap

At press time, ETC is trading at $17.78 with a market cap of $1.8 billion. The currency has seen a hike of 3. 59% in the past 24 hours.

Follow us on Telegram | Twitter | Facebook

Shahrain KM

Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.

Article Source


Please enter your comment!
Please enter your name here