Robinhood Crypto and Coinbase Pro have started supporting Ethereum Classic this week, causing a significant increase in the altcoin's price.
Two US-based cryptocurrency trading platforms have started to accept Ethereum Classic (ETC) transactions beginning this week.
According to reports, crypto trading service Robinhood and exchange giant Coinbase have announced the listing of ETC on their respective applications. Analysts credit these developments as important factors why Ethereum Classic’s price and total market value went upward.
Coinbase to List ETC in the Future?
On August 4, Coinbase announced that its professional trading platform, Coinbase Pro, would start accepting ETC transfers come August 7. The announcement came weeks after the exchange announced that it has started the technical process to integrate the altcoin into the Coinbase.com platform.
The former global digital asset exchange (GDAX) shared that it will follow a four-step process in integrating Ethereum Classic into its system. The first stage only allows traders to transfer their ETC into their Coinbase Pro accounts, restricting them from placing orders.
The second stage then permits limit orders for a minimum of 10 minutes but will not match these orders with another customer.
Only during the third stage will Coinbase Pro match orders to other customers. The final stage, dubbed as “Full trading,” will open all trading services—limit, market, and stop orders, among others—to be used by Ethereum Classic customers.
The Coinbase announcement added:
“We intend to allow 24-48 hours of transfers through Pro/Prime before opening the markets. In accordance with our Trading Rules, all ETC books will open in post-only for a minimum of 10 [minutes]. Once sufficient liquidity is established, trading will then be enabled on Pro and Prime.”
In addition, the announcement stated that Coinbase.com will support Ethereum Classic once the exchange deems the coin to have sufficient liquidity. Coinbase believes that the altcoin will join Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH) on the exchange’s listing in the near future.
| Related: Coinbase to Trade ADA, BAT, XLM, ZEC, and ZRX?
Robinhood Crypto Supports ETC
On August 6, trading platform Robinhood announced that users of its crypto trading application can now “invest commission-free in Ethereum Classic.” Crypto holders in 19 American federal states—including Iowa, Texas, and New Jersey—can now trade using Ethereum Classic on the Robinhood Crypto platform.
The declaration came as a surprise to the community, especially to members who focused their attention on Coinbase’s planned listing of the altcoin. Some analysts suggested that Robinhood tried to beat Coinbase Pro, given that the former added Ethereum Classic a day before the latter’s scheduled listing of the virtual currency.
Ethereum Classic becomes the sixth crypto supported by Robinhood Crypto, joining the likes of Bitcoin Cash, Ethereum, Dogecoin (DOGE), and Litecoin.
The trading service provides an avenue for buying and selling these crypto coins. In addition, Robinhood Crypto provides real-time market data for 16 digital currencies.
ETC Boosts Up
Market experts believe that listing—or the hint of being listed—boosts a coin’s performance on the crypto market. On June 11, when Coinbase first announced its plans to list Ethereum Classic, the altcoin’s price increased by around 23 percent from US$13 to US$16 after just one hour.
After these developments, Ethereum Classic received another boost on the market. After the Coinbase announcement on August 4, the altcoin’s value jumped by more than 12 percent from US$14.82 to SU$16.92. Moreover, ETC became the 11th largest crypto based on market capitalization, leaping above NEO (NEO), Monero (XMR), and TRON (TRX). The altcoin’s total value currently stands at US$1.7 billion, US$2 billion away from 10th-place coin IOTA (MIOTA).
However, like most cryptos on August 8, Ethereum Classic lost most of its gains. It is currently trading at US$16.87 against the US dollar.
| Related: Crypto Exchange August WK1 2018