Ethereum classic (ETC) has had good run since Coinbase announced that they will be adding it to their exchange. The interest in this coin is quite visible in its price action, now that the whole market is in recovery mode. In the last 12 hours, Ethereum Classic has shot up strongly and has pushed above the 200-day moving average.
This shows that there is strong investor interest in this crypto at the moment. If it continues in its current trajectory, Ethereum Classic could easily test $25 in a few months, which is the next resistance level to the upside. This would make it the hottest crypto in the market. But outside of the Coinbase driven rally, are there other fundamentals that will push ETC upwards? Or better yet, what will support its price once the Coinbase hype dwindles off?
A quick look at the Ethereum Classic roadmap for 2018 and 2019 reveals that ETC has the fundamentals to sustain the current push, not just in 2018 but next year as well. In the coming quarter, the Ethereum Classic team is working on some interesting facets of the project that could see its value continue to soar. For instance, the ETC team is working on sidechains. Sidechains are meant to solve the scaling problem that most platform blockchains face, by removing the load off the Mainnet. Once the ETC team achieves this, its value in the market will rise, given that more Dapps will be launching on this platform. It will actually have solved the scaling problem better than Ethereum (ETH) and many other Dapps blockchains that are currently ranked higher than Ethereum Classic (ETC). That’s how big of a reap ETC is making.
On top of that, the Ethereum Classic (ETC) team is working on compatibility with the Ethereum platform. The implementation of sidechains, could see a number of Ethereum developers porting over to the ETC blockchain, which explains why the ETC team is working on compatibility. This will add to the overall value of this blockchain and serve to further drive up its price in the market.
The 2019 roadmap also adds to the confidence that Ethereum Classic will sustain its rise. In 2019, Ethereum classic team is looking to implement Sharding, to help in scaling and push Ethereum Classic to over 1000 transaction per second. That’s a big deal and will serve to anchor the value of ETC going into the future.
With all these good things coming up, it is not hard to tell why Coinbase chose to add Ethereum Classic (ETC). Coinbase is looking to draw in institutional players, and as such, they have to add to cryptos that have the fundamentals that will draw them in. Ethereum classic has all these fundamentals, and is one of the cryptos that will attract institutional players through Coinbase. Getting into ETC now has the potential to give you good returns in the future.