Price Boosts for Ethereum Classic as Coinbase Custodian Rolls Out
Amid the general decline of the last 24 hours, Ethereum Classic (ETC) is the only coin to hold strong out of the top-30.
ETC saw an increase in its price by 6.6 % earlier in the day, going up from 16.77 USD to 17.88 USD within just a few hours. It was followed by an immediate rebound which returned Ethereum Classic to the 16.90 USD range and yet again a few hours later ETC pushed back up to 17.57 USD. At the present price, ETC is still up by 4.7 % from its lowest point within last 24 hours and continues to move upwards while most are falling down.
The weekly chart of Ethereum Classic’s weekly shows a consistent incline. At the beginning of the week the coin was worth 14.47 USD per coin, marking an enormous growth over seven days
The growth of ETC can be attributed to the announcement by Coinbase that stated the addition of Ethereum Classic to their list of compatible coins. The announcement turned into reality over the [ast few days as Coinbase launched its Custodian service- the exchange’s platform which opens up cryptocurrency to financial institutions and hedge funds.
The result of this is that Ethereum Classic has been exposed to a lot of new money over the past few days. The nature of the Custodian service on Coinbase could imply that the average crypto enthusiast isn’t able to purchase Ethereum Classic on the exchange making the effect not as strong as one would expect it to be.
As of now, a triple-digit value may still be a little far, but the fact remains that ETC has managed to shove the runt of today and yesterday’s dip indicating something might actually be working for it. But for now, it can be said that Ethereum Classic (ETC) is gaining from this association.
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