Ethereum Classic (ETC) Rallied as Markets Dropped, Supported by Abra News
The ETC digital asset survived quite well the latest round of selling, and now becomes a part of the portfolio of the Abra app.
Ethereum Classic (ETC) managed to stay afloat in the latest market sell-off, and was up around 10% in the past day to $18.93. Still, the coin is far from the peak at around $45 achieved during last year’s series of pumps.
The appeal of Ethereum Classic is slowly growing, and it has become one of the assets to be included in the Abra portfolio.
The app offers “synthetic digital assets”, or images of the coins secured by a smart contract. Owning ETC on Abra is not the same as owning the coin in a private key wallet.
The Ethereum Classic project is gradually accruing influence, despite the asset’s fluctuating price. A new iOS wallet is in the approval stage, and there is a new way to buy ETC directly for fiat, through the Bitit service.
Even after the recent selling, ETC trading volumes are keeping up adequate liquidity. And with ETC prices reaching a one-month low, there may be another round for this coin, which has also managed to double its price quickly.
The ETC market price has a separate risk profile, depending mostly on OKEx and Bithumb, reflecting the sentiment on the Asian markets. There is a relatively large trading pair of ETC/USDT, thus giving the price a boost from the extra liquidity. But the fiat market for ETC may be a bit thinner, especially for Western investors.
ETC is still chosen as one of the coins with better liquidity, where relatively large positions can be sold easily. And some believe the asset remains underpriced based on the developer team’s efforts and potential developments.
The bullish prediction for ETC is a price of $100 in the coming months, possibly achieved rather fast. Some believe ETC is also suitable for moving funds between exchanges, as the coin is widely offered. The asset is used on par with Litecoin for similar reasons of liquidity and accessibility.
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