The rate of the Ethereum Classic cryptocurrency, created on the basis of the original blockchain Ethereum in 2016, has fallen more than 30% against the US dollar since the listing on the American exchange Coinbase.
Until August 7, when the listing occurred, ETC managed to demonstrate twice the steady growth. The first time it happened on June 11, when Coinbase announced its intention to add Ethereum Classic to the platform. Over the next 48 hours, the ETC rate climbed from $12.19 to $16.40, thus demonstrating a 35% increase.
The next and most notable stage started on August 3, when Coinbase approved the final date for listing the cryptocurrency.
From 3 to 7 August, the rate of ETC in a pair to the US dollar increased by more than 50% and peaked at $21.25.
Growth of cryptocurrency is often taking place against the backdrop of such news and may be conditioned by investors’ expectations related to the increase in liquidity and the possible influx of new money.
Also, there is often a subsequent decline, when investors who bought an asset against the background of positive news, begin to sell it after the long-awaited event becomes a reality.
This also happened with Ethereum Classic, whose decline was accelerated by the negative dynamics in the cryptocurrency market in recent days. After reaching the peak price rushed down and reached the level of $15.
The market of cryptocurrency, meanwhile, is partially recovering from recent losses. Bitcoin is at around $6,500, showing an increase of 2.5%. Capitalization of the segment at the same time is $228 billion.