It is quite natural that those who are holding Ethereum classic (ETC) is keen to know what holds for them especially after the cryptocurrency suffered a 31.48 percent drop in the seven-day period. There are supporters and opponents for the virtual asset as far as the future is concerned. At the same time, the sharp downside is not restricted to the ETC alone and spread across the board.
Coinbase listing provided an extra boost to the price of Ethereum Classic. However, the price could not sustain at higher levels and it fell off the cliff. The cryptocurrency exchange did make big investments to garner attention and widen its operations. Listing on Coinbase was a huge impact for further asset development, wider adoption and the growth of community.
Though the development in the ETC platform is modest, it is growing, and if this continues, a big rally for prices could become a reality. In short, the more smart contracts and Dapps are created on the platform, the more inherent value. That could also lead to a new high in the cryptocurrency price. In January, the virtual asset price was trading around $45 and currently trades around $5.5 shedding 9.74 percent in the 24-hour period.
Though these could have the potentials in taking the price higher than the previous highs, it all depends on how things will shape up in the right place to materialize. If such things happen, there could even be potentials for crossing the $100 mark in ETC price. However, it faces rivalry within the Ethereum network since there are several platforms offering smart contract and ETC is one among them. Also, in the recent period, it is getting more crowded with the addition of IOTA, ICON, Cardano, Stellar Lumens, NEO and EOS.
Listing on Coinbase itself cannot drive the price upwards. ETC is currently in downward trend and the community will need to do something extraordinary before the price moves up. In the current scenario, investors do look skeptical despite promising future for ETC and what’s more strange – while Ethereum Classic does an amazing sprint in development price doesn’t mirror this, because all cryptocurrency market is not matured. Yet.
Another thought – every ETC community member should be its asset ambassador as it is free and makes an impact in a long run.