Ethereum Classic (ETC) remains green during a bloody Friday

Ethereum Classic (ETC) came back strong into the crypto public eye ever since it was recently announced as the next coin to become added to Coinbase’s illustrious portfolio. It has slowly but surely continued to rise as a result. Recent BTC recovery had a positive effect on it as well, taking the coin from $14.26 USD where it was on June 29th to $16.23 USD just a day later. The month of July has started off decently for it as well, since it experienced two small price hikes that led it to a high of $17.38 USD. Friday saw the coin traded at $18.08 USD, which is a rise of 6.07% in the past 24 hours. With a market cap of $1,859,356,287 USD, ETC holds the 15th spot on coinmarketcap’s list of most valuable currencies, looking to fight off NEM and Binance coin from entering the top 15.

The price zone the coin was previously in suggested that there could be more bullish movement, all the way up to $18 USD. The coin broke through this resistance and will be looking to continue its momentum which left it as one of the rare coins remaining in the green during this bloody Friday.

ETC developers recently exposed Ethereum Emerald, a new breed of scam which is basically a hybrid of two crypto-standard scams: fake giveaways and fake forks. Ether Emerald team/bots posted the following messages all over twitter:

“If you want to buy ETE now: 1.send ETC to our official ETC address: 0x2147d3a60aDA55d5DE3c2d3d5De377A344c5C3Ab we will get your sending address from http://gastracker.io 2.send ETH to our official ETH address: 0xDd43903CBd9d010A5d4411B7829384103cBa7c22 #Ethereum #Emerald”

This scam is even more dubious because it takes the name of Emerald, and Ethereum Classic Emerald is a legitimate wallet project that ETC team is working on. The ETC project was quick to dismiss any relation to the Ether Emerald project and urged its fans/holders to avoid taking a part in it.

The heir of the original Ethereum blockchain, which split into two projects after the DAO hack, is currently enjoying the limelight given to it by the Coinbase confirmation. No actual date has yet been set regarding when ETC will become a part of Coinbase’s line-up, but the pre-launch announcement approach is definitely a new one for this American exchange. Prior to the additions of BCH and LTC, the launches happened without a previous announcement, which led to insane post-listing price spikes for both coins. Some evidence even came out of Coinbase employees pre-buying the tokens before their listing and looking to profit by selling them off once the post-launch hype reaches its peak. This new approach will definitely lead to a more measured and gradual price rise for ETC, but a more serious spike should be expected once an actual date is set/when the launch day comes.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Dobrica Blagojevic
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