Ethereum Classic came to the point of a notably increased momentum once Coinbase, one of the largest, most commonly used, and most visited exchange platforms announced that Coinbase is officially listing Ethereum Classic among the list of their live trading currencies.
Furthermore, the momentum gained through the listing announcement, greatly affected the price of Ethereum Classic at the time, as ETC went up from 11$ to 17$ in the course of several days despite the fact that the bearish market trends were actively affecting the rest of the market in a rather negative way.
As of the recent case, Coinbase announced adding dozens of new currencies in an attempt to provide more exposure for the crypto market, however, a part of the general recognition of Coinbase as one of the most popular exchanges goes to the fact that the exchange has a set of extensive tests that each currency has to go through before officially getting a listing on Coinbase.
That is partially why Coinbase is in a great way responsible for the unexpected rebound of ETC in the market.
How Coinbase Affected Ethereum Classic since the Listing Announcement
Starting from gaining more momentum in the market with taking off from the price of 11$ per one unit to skyrocketing to over 17$ in the course of several days, the announcement that came from Coinbase in mid-June obviously affected the value of ETC in the middle of the crisis in the crypto market.
Moreover, the friction gained through the announcement has awakened the faith that the community had placed in Ethereum Classic back in 2016 once the split became official between Ethereum and Ethereum Classic due to the infamous DAO faulty.
As a result, Coinbase brought Ethereum Classic to new potentials, as confirmed by the US director for Ethereum Classic branch, Anthony Lusardi. Lusardi stated at the time as he started to appear in interviews after almost a year of externally conducted media silence that each coin that gets listed on Coinbase immediately gets the needed attention for it to spike up, meaning that the exposure on Coinbase means more money coming in from new and old investors.
It seems that the case of Ethereum Classic listing announcement confirmed the statement Lusardi shared in one of his interviews back in June and July, as ETC spiked up from 11$ to 17$ in the course of several days at the time when the majority of currencies struggled to break through the resistance of the sluggish trends in the market.
What might be more important for ETC in the story of getting listed on Coinbase is the fact that the community is regaining faith in the project as ETC is also getting more attention regarding its future operations, roadmap, and further plans.
It seems as well that the listing has motivated the team to work on improving ETC further from this point, as it was soon announced that Ethereum Classic is to focus on the Internet of Things market.
Further, the Securities and Exchange Commission in Thailand approved Ethereum Classic for being used in this country alongside with other ICOs issued there, which is only a glimpse into what Coinbase can do with a single listing announcement.
What is Next for Ethereum Classic?
As the Coinbase hype is wearing off, without notably affecting the price of ETC in the market several months later when ETC is being traded at the price of 11$ once again, driven by the tough market trends.
Currently taking the spot of the 15th-largest currency in the market by its market cap, Ethereum Classic dev team also seems to be entering a new phase of ETC developments after the Coinbase listing announcement.
Regarding the future of ETC Lusardi stated that the team will be focused on creating a bridge from Ethereum Classic to the Internet of Things, which will further enable machine-to-machine communication through the ETC blockchain, providing it with a new use case.
Further, Lusardi stated that Ethereum Classic will be going towards the increased decentralization through governance through a code rather than through human resources.
The list for the future ventures of Ethereum Classic doesn’t stop there as the team is also working on establishing scalability with building a sidechain, also adding that the sidechain operations should resemble of the Lightning Network, providing ETC with an increased functionality as well as the improved efficiency when it comes to general operations and transactions.