Social Trading platform, eToro has added Ethereum Classic (ETC) trading to their platform. ETC joins other digital currencies Bitcoin and Ethereum (ETH) on the network. This is a huge win for the currency and as a result the price rose after the news.
eToro has over 4.5million customers on the platform which means that a whole host of potential new traders will be speculating on the price of the currency.
What is Ethereum Classic
Ethereum Classic came about after a dispute in the Ethereum community. After a major software change, many in the community felt that Ethereum wasn’t holding true to it’s core. As a result, ETC was born. Interestingly ETC will have a hard cap on the number of coins – similar to Bitcoin. This could put upward pressure on the price. ETH doesn’t have this cap at the moment.
Just like Ethereum, ETC has uses beyond being just a currency and could be a computing platform of the future.
What is the current price
The price of ETC is currently below $20. Compare that to ETH with a price of over $250. There is still potential for ETC to double in price (how many times is anyones guess).
What this means for Ethereum Classic
More trading volume! Even though on eToro, you’re trading a CFD and not the actual asset, etoro presumably hedges positions when their orderbook doesn’t balance. This will inject volume into the overall market. This will also massively increase the ETC visibility amongst mainstream traders, which can only benefit the currency.
It will be interesting to see if ETC gets added to the eToro Cryptocurrency CopyPortfolio. CopyPortfolios group together multiple assets like a hedge fund and have monthly rebalancing. This essentially allows you to invest in cryptocurrency as an entire market. I’m sure ETC will get added to this, which will further diversify the fund. This could be a good investment opportunity for those looking to invest $5k+ into digital currency.
Overall, this exciting news for the Ethereum Classic community. In the past I had stayed away from trading ETC and instead put most of my effort into ETH and Bitcoin. But now it can be traded on eToro (which makes it much easier to trade compared to crypto exchanges) I can see myself jumping into this as well.