After an impressive run in the las six days, Ethereum Classic (ETC) price has taken a double digit dip in less than 24-hours moments after Goldman Sachs suspending Bitcoin trading on their desk sending a ripple effect of price drop across the entire crypto verse. The team says the move is as a result of the regulatory uncertainty.
The market slump as seen the reversal of the coins gains after Bitmain’s added ETC to its mining pool. The addition came after ETC users lobbied for the move. In his own words BTC.com Zhuang Zhong said:
”This year, we have been getting a lot of requests for Ethereum Classic support so we had to add it. Our goal is to provide the best reward margins as we work on product development. In the next 12 months, we intent on being responsible for 12% of the Ethereum hashrate.”
Ethereum Classic (ETC) Price Dip
The immediate reaction has seen prices dip to the weeks low with Ethereum Classic (ETC) not being spared. According to an eToro senior market expert, Mati Greenspan:
“People in the crypto market have been very excited for updates from Wall Street over the last year. Any type of news that could damage that perception will cause prices to move a bit”.
At the time of compiling this report, ETC price had dropped by 17.17% to the dollar to trade at $11.50. The coin still stands as the 15th most valuable coin with a market capitalization of $1.205billion. However, the slump in not ETC centric and this will not deter the platform from attracting new developer to create their projects.
The ecosystem takes pride of being censorship free and immutable and these are some of the features developers are looking for. With the relay-less peaceBridge between ETC and the mother outfit, Ethereum; the platform’s popularity continues to attract adopters.
Ethereum Classic Coinbase Boost Holding
Coinbase and Robinhood listing of Ethereum Classic have seen the coin value edge up and the increased volumes pushed the out to rank eleventh by market cap before losing grip to the current fifteenth rank. These two exchanges have provided the right support for ETC and the current slump might result into a major breakout should the market stabilize.
Coinbase has always remained the most influential exchange in the world and any coin that gets its nod benefits from price surges. However, investors have a lot of faith in the outfit because it is regulated and secure. The coin commands a huge following in the US and its recent inroads to four new states of California, Montana, Missouri and Massachusetts will give ETC increased visibility.
Ethereum Classic Facing Increased Competition the IoT Industry
With the increased competition in the IoT sector, the growth of Ethereum Classic will depend on the performance of its competitors. Outfits like IOTA whose mainstay in the market is the Tangle technology which has seen the platform sail smoothly in tackling the issue of scalability
With a block-less ecosystem, IOTA is set to give Ethereum Classic a run for their money. Interestingly, IOTA transactions are fast and attract no fees. Ethereum Classic is still battling with scalability bottlenecks despite deploying PoW consensus associated with the current high transaction costs.
Ethereum Classic (ETC) price drops has send panic signals across the market and these cold dip further should speculators exist to the traditional fiat market. On the other hand, the long awaited institutional funds influx delay into the crypto-sphere might complicate the recovery process.