Ethereum Classic: Just as the crypto market was headed towards recovery, it was slapped with a market crack that saw all the coins and tokens hit the red trading zone. This came shortly after Binance listed Bitcoin Diamond on its exchange. This saw the Ethereum Classic (ETC) price drop from the $13.95 to a low of $11.53.
Ethereum classic has had its own challenges with reported among the coin mining circles. Miners are in the verge of migrating from the platform to prospect elsewhere. The bone of contention is the developer team and the founder, Vitalik Buterins’, refusal to eradicate the mining difficulty.
The mining difficulty has weighed down miner profitability and diffusing the bomb is the only way out. However, this appears to take more time than anticipated which prompted Anthony Lusardi to clarify the reason for delays in a recent interview:
“There’s a lot of new algorithms being proposed like proof-of-stake, delegated proof-of-stake and byzantine fault tolerance, and within our community we’re not convinced that these newer versions of consensus are any more decentralized and we’re somewhat afraid that they may be more centralized than say proof-of-work.”
Ethereum Classic (ETC) Addition on Coinbase Defended
Ethereum Classic has over the months generated a lot of interest from among industry layers and other stakeholders. The decision by Coinbase to add ETC coin on their exchange portfolio has generated a lot of debate and this has increased the coin’s visibility with the listing still being viewed with a lot of suspicion from a section of the platform critics.
In a move seen as putting the records straight on the controversies surrounding the coin addition on Coinbase, Anthony Lusardi, the US Ethereum Classic Cooperative Director has voiced his opinion. In response to the community concerns on how the coin listing and more funding will boost adoption:
“In most cases when Coinbase adds a digital currency to its exchange platform, it would mean more money for a lot of projects for decentralized platforms. A lot of projects have well over 50% of their tokens held by either the core development team or a core group of people closely associated with them.”
According to Lusardi, Ethereum Classic development is not 100% money centric. However, listing on Coinbase is a huge boost to the coin and now they are able to source for funding from other sources to speed up their development agenda. Coinbase will give additional visibility to the coin and this is expected to spur growth through price and value appreciation, he goes on to add:
“We get just a lot more interest from people who are very new to cryptocurrency and I think that’s great, particularly for Ethereum Classic. A lot of people within the cryptocurrency space have already formed their opinion about the cryptocurrency based on what Ethereum Classic looked like in 2016. They haven’t really looked at it the digital asset much in 2018.”
Ethereum Classic Price Movement
After Lusardi clarification on issues surrounding the controversial listing, ETC price appears to be getting back to life sooner than anticipated as buyers shielded it from further declines at the $11 support level. The coin has appreciated in the past 24 hours and has made noticeable gains against the dollar and Bitcoin of 2.38% and 2.14 respectively to trade at 11.83.
The same period has seem a total of $181.43 worth of Ethereum Classic (ETC) change hands with most of the volume coming from EXX that handled 27.67% of the total days volume. The most popular was ETC/USDT. This is a clear indication of a crypto to fiat exit with traders trying to salvage their holdings in case of further market dips.