Trade Recommendation: Ethereum Classic
You may have recently hear that on June 11, Coinbase announced the addition of Ethereum Classic (ETC). The company is tentatively starting the roll out on the professional/advanced platforms, including Coinbase Custody, Coinbase Markets, Coinbase Pro, Coinbase Prime.
Assuming all is well on these platforms, they said they plan to add support for ETC on the more well-known Coinbase app for retail investors. It needs a better name. Should it be called "Coinbase Basic" or "Coinbase Noob"? It's confusing when "Coinbase" is the prefix for all their different services now, in my opinion. I can't imagine the headache that this could soon cause for new, already-confused cryptocurrency investors who have to figure out which service they need. Anywho...
What's so great about Ethereum Classic?
Ethereum Classic is the fork from the DAO hard fork of Ethereum.
It's been around since July 2015, so somewhat mature in the world of crypto :)
It has been kicking along ever since with partnerships and development. I have only heard good things from other people about the ease and profitability of mining this coin with retail hardware. I think that is saying a lot right now when bitcoin mining costs are prohibitive, and new tokens are making you buy their mining hardware. I dare say, it is the classic way crypto mining used to be, if that's not too cliche.
So I think that the steady development and making miners happy are good signs long term.
It's at a deep discount right now
I believe that the current price of $13.80 is a bargain now. The Coinbase announcement came during a gloomy market. ETC did see a rise right after the announcement but now it is at a steady price, between $13-14.
Keep in mind also that Coinbase said it was rolling out ETC over the next few months. That means it is still not on Coinbase now. This is a different process than the fiasco of when they added Bitcoin Cash to the platform.
I believe that in this case, the impatience in cryptocurrency investors is showing its face here. If you have the patience to buy in cheap and wait a few months, I only see good results. When tangible signs of the integration starts happening and actual trading begins on Coinbase, price should reflect a rise in volume and interest.
Here is the ETC site:
Please note: Cryptocurrency investing is still very speculative and you should do your own research. Do not take this post as investing or trading recommendations.
Disclaimer: ETC is one of my 3 coin holdings.