As of this writing, the total crypto market cap is nearly $200 billion down from where it was less than 6 weeks ago and traders speculate that ETC (ethereum classic) is being added by Coinbase because it’s a safer bet than the previously announced ERC20 tokens and because of the upcoming ETH/ETC PeaceRelay which will inter-connect the two blockchains.
Coinbase’s intention is not to sell ETC directly just yet, but to make ETC available for trading to institutional investors, observe the liquidity and then decide whether to sell ETC alongside BTC, BCH, ETH and LTC on Coinbase.
The announcement caused a slight spike in the price of ETC but being valued at only $15, it’s still $30 below its ATH.
At the same time, Binance added ETC/BNB and ETC/USDT trading pairs and the Ethereum Classic Labs, a well funded, world class ETC-based blockchain startup incubator, was launched.
Announcement #3 of 3:
Ethereum Classic Labs, an incubator platform on the $ETC network with $50 million in initial operating capital will stimulate the launch of high quality projects on the ETC network!https://t.co/GOhpGIqZa0 pic.twitter.com/COPhLdMH2B
— ETC Cooperative (@ETCCooperative) May 15, 2018
No one knows
Based purely on these developments, ETC can be expected to climb the ladder this year, from the 18th place up to the top 10. This could lead to a market cap of a couple billion and a price range of $30-$60 per coin.
Additionally, there are those who still expect the overall market to recover this coming summer/fall season and more so toward the end of the year, which could, technically, double or triple crypto prices in general.
Of course, let’s remember that this is all hypothetical because, as they say in crypto, ‘no one knows’.