A bit of milestone today, ETCG traded below the cost of ETC. For an asset that used to trade at over 2x of ETC’s value, that is a little mind blowing.
Ethereum Classic is an open-source blockchain-based distributed computing platform with a native cryptocurrency token that trades under the symbol ETC.
Ethereum Classic is, as the name suggests, the original version of Ethereum from which the current Ethereum forked.
Both networks are focused on smart contracts and distributed computing at their core, being that they are essentially different versions of the same software.
It a bit like how Bitcoin and Bitcoin Cash don’t exactly love each other because they split for ideological differences… but none-the-less both essentially use same software, despite having different tokens, different developers, and different valuations. Learn more about the Ethereum backstory.
With that said, Ethereum Classic is not endorsed by the Ethereum foundation.
The premiums on GBTC and ETCG just keep getting lower and lower as the crypto bear market drags on. If crypto recovers, finding the bottom of these could be epic.
The ETCG premium is at its lowest point ever, meanwhile the GBTC premium is near its 2018 low (it was lower in February for a day).
Let’s look at some of the top cryptocurrencies that aren’t Bitcoin. Longstanding popular alternatives to Bitcoin including ETH, ETC, XRP, XLM, LTC, XMR, ZEC, NEO, and DASH. New top coins include BCH, EOS, ADA, IOTA, TRON, and ZRX.
The Ethereum Classic Investment Trust (ETCG) is an investment product by Grayscale which gives investors and traders exposure to Ethereum Classic (ETC).
Those who think Bitcoin or an other cryptocurrency will go down, or want to hedge against a “long” position, can open a “short” position. Below we explain how to short Bitcoin and other cryptos.
On August 20, the Bittrex cryptocurrency exchange is launching US dollar (USD) markets for Ethereum Classic (ETC) and Ripple (XRP).
Ethereum Classic (ETC) trading is now live on Coinbase Pro, but it is not on Coinbase yet (Coinbase Pro is the exchange, Coinbase is the broker-wallet services where you can buy / sell / store cryptos).
Ethereum Classic (ETC) is now on Coinbase. As of August 7th deposits are allowed, then soon trading will start. One can expect some initial turbulence, so make sure to keep a close eye on the price.
Ethereum Classic is doing a fork in May to remove a difficulty bomb that would essentially stop new ETC from being created down the road. No new coins are created from this fork, it is just a software update. The fork will occur at block 5,900,000.