Bitcoin (BTC) is back above $8000 after several weeks of decline. However, one thing is evident, this time round, it is not pulling the altcoins market with it. That’s because with the exception of a few altcoins, most of them are down, with some falling by as much as 10%.
However, even as most altcoins bleed, those that are listed on Coinbase are doing pretty well, and seem to be moving in the same direction as bitcoin (BTC). That’s because Coinbase has gained the trust of American investors both retail and institutional, as an exchange that is fully compliant with American regulations. This means that in the coming bull market, coins that are listed on Coinbase will perform well relative to the rest of the market, since they are, by virtual of being listed on Coinbase, also compliant to regulations.
This places Ethereum Classic (ETC) in a very good position in that it is the next coin getting into Coinbase, and positive sentiment has built around it for the last few weeks. This goes to show that the expectation of an ETC price surge upon the Coinbase listing is there in the market and will rise continue to rise, now that coins that are listed on Coinbase are outperforming the rest of the market.
If the current market momentum continues until the date of Ethereum Classic (ETC)’s listing on Coinbase, chances are that this crypto will go parabolic. The volumes surge that will ensue could easily see Ethereum Classic (ETC) trade at over $30 within a very few days.
The good thing is that this listing will most likely happen within the current bullish rally. That’s because the latest bitcoin rally is driven by the expectation the CBOE ETF application getting approved. The market seems to have come to the consensus that this will happen. The only question is, when will it happen? By conservative estimates, the application will most likely be approved in early September, and probably get launched in early 2019.
That’s quite far from the listing of Ethereum Classic on Coinbase, which is expected to happen soon. A while back, Coinbase announced that the integration of Ethereum Classic (ETC) into their systems is quite easy, as compared to a host of other coins that they are considering. This means that chances of them listing it within July or in the early days of August are quite high, which gives Ethereum Classic (ETC) an advantage of getting listed on Coinbase in the middle of a bull rally.
Therefore, in the next few weeks, Ethereum Classic will most likely emerge as a top performer and move up a few ranks up the market cap ladder. The only other crypto that has a good chance to perform exceptionally well is ZCash (ZEC), if Coinbase lists it too. That’s because ZCash (ZEC) is a privacy coin and getting listed on Coinbase will signal to the market that U.S regulators have Okayed privacy coins, coins that have in the recent past been under attack in different jurisdictions, especially Japan.