The price of ETC spikes over 12% off the back of a Robinhood announcement, even as other coins fall…
The price of all but one major cryptocurrency fell a little overnight, with Bitcoin for instance dropping back down below $7000, and most coins down between 1 and 4%.
Yet there was one notable coin bucking the trend, with the news that the price of Ethereum Classic rocketed up by over 12%. Its price is now standing at $19.71 at the time of writing.
The price of ETC has started to increase at the end of last week, but the sudden spurt over the past day comes off the back of cryptocurrency trading app Robinhood adding support for the coin.
The official announcement was made yesterday, with a post on the Robinhood blog confirming that “starting today, you can invest in Ethereum Classic on Robinhood Crypto, commission-free. You can also invest in Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dogecoin, as well as track market data for 10 other cryptocurrencies”.
Robinhood launched earlier this year, with the promise of zero commission trading. Such is its impact in the cryptocurrency space that, even though it only currently lists a relatively small number of coins, adding a new one can have such a notable impact on price.
Ethereum Classic is also set to be listed on the Coinbase exchange imminently, following an announcement to that effect in June. It wouldn’t be a surprise to see another jump in the price of ETC once trading on Coinbase officially begins for the coin…