What’s up crypto people and today I have some exciting news to discuss with you.
Yesterday coinbase announced that Ethereum classic (ETC) is going to be added to coinbase and they are currently in the final stage of this process. It will take anywhere from a month to 2 for this to happen and initially they will only allow deposits and withdrawals of ETC.
What does this mean for us as investors?
Already there has been a price spike in ETC and as I write this it is comfortable sitting at 22% up, so the hype train has moved but not as much as most people thought, but why is this? To be honest I’m not surprised, things have changed a lot since last year and the affect coinbase has on a coin isn’t as strong as before. For example Binance is adding USD trading pairs 2-3 times per week and ETC has already been added by Binance as a USD trading pair, in my eyes its 20% price spike is thanks to that lol.
Now this piece of news is only a day old and some people are still sleeping through it, so will it spike even more in the coming days? I think so, but nobody truly knows. All we can do really is look at historical data and how coins have performed when they were added to coinbase, so what I did is go through some past articles and see how it all went down, so here we go:
Bitcoin-cash doubled in under 48 hours after being added to coinbase, litecoin was left in the dark for many years and even though Charlie lee pushed it forward with the Segwit development the coinbase affect saw it go up 250% in the space of a few weeks (not straight after launch but still).
It’s almost safe to safe, ALMOST! That ETC will see a price spike in the coming weeks but the real interesting thing is what will happen when it actually hits coinbase, because it’s important to take into consideration that a lot of people don’t get news as fast as us so quiet a large proportion of small and part time crypto investor will wake up one day and see ETC on coinbase and buy it.
So even though I can’t give financial advice, nor am I doing so, looking at the the past affects coinbase had on cryptos, the Binance addition of ETC/USD pairs and the fact its only up 22% as I write this, I have invested and will hold a until I double then sell 25% and wait till that doubles. This is the safest way but hey a lot of investors have a HOLD mentality which I like, but if the market has shown us anything since Jan 2018 is that the mentality of traders and investors has changed from long term to short term trading and almost everyone I speak to seems to be flipping ICO’s and trading back once they hit a small profit.
Here are the links for coinbase ETC price and the official announcement by coinbase about ETC