Ethereum Classic (ETC) entered the spotlight this month with a game changing Coinbase announcement. Since then, most investors who initially considered Ethereum Classic (ETC) to be a dead coin have taken a 180 degree turn and started buying Ethereum Classic (ETC). Most of these investors are former Litecoin (LTC) and Ripple (XRP) investors who did not initially think much of this project. Some of them even thought Ethereum Classic (ETC) was a fork of Ethereum (ETH). This is to expected in a hype driven market like this when projects that look good on the outside end up having a higher valuation than those that have stronger fundamentals and technology.
The same is true of Ethereum Classic (ETC). Initially, the coin was left to die after Ethereum (ETH) forked off the original chain following the DAO hack. The reason Vitalik Buterin and company did not put a bullet in Ethereum Classic (ETC) during the early days is because they thought the project will die on its own. However, soon afterwards Ethereum Classic (ETC) sought attention of some loyal developers who strongly believed in principles of immutability and transparency. They tirelessly worked on the project to keep it alive all these years. Meanwhile, Ethereum Foundation, which had received a ton of Ethereum Classic (ETC) coins, kept on dumping those coins on open exchanges to choke Ethereum Classic (ETC). The situation was further aggravated by the DAO hacker(s) who also dumped a large portion of their Ethereum Classic (ETC) for Bitcoin (BTC).
All of this explains why Ethereum Classic (ETC) despite being the sixth largest coin by daily trading volume was such a poor performing coin until now and lost out on most of the gains that its fellow altcoins made in late 2017 to early 2018. As Charles Hoskinsons, CEO of IOHK, Founder of Cardano and one of the leading figures behind Ethereum Classic (ETC) said in an interview last year, Ethereum Classic was just trying to survive right until now. They had the tech, they had the team and they were making progress but the forces were against them. Ethereum Classic (ETC) did not have enough funds to attract more developers, miners, investors and ICOs.
However, this recent addition to Coinbase seems to have changed the game. Investors are showing interest in Ethereum Classic (ETC) and the price action reflects that. The cryptocurrency has also held comparatively well in the recent correction with a 65% fall from its all time high. Ethereum Classic (ETC) has a total supply of 230 million, with 103 million coins in circulation. The cryptocurrency seems to have reached rock bottom for the year. Coinbase will be adding Ethereum Classic (ETC) in the next few months but the buying interest has already kicked off. The price is expected to reach $300 by September 2018, most likely before the Coinbase listing. A coinbase listing has the potential to push its price past $500, which will put Ethereum Classic (ETC) in the top 10 list as a serious Ethereum contender.