The coins and altcoins have been highly volatile since the beginning of the week, especially the last couple of days of July. The digital assets are spiraling down breaking key support areas while canceling all the gains that had been made in July. It is August 1 and most of the cryptos are trading below the levels at the beginning of the month of July. Although Bitcoin (BTC) is supported above $7,500, it has plunged from trading above $8,000 in less than 12 hours. Ethereum (ETH), on the other hand, has broken critical support areas at $440, $430 and is currently changing hands at $417. The same declines are reflected in most of the digital assets.
Consequently, Ethereum Classic (ETC) appears to have found a support above $15.00. Besides, it is mildly bullish in spite of the heavy selling pressure across the entire market. Ethereum Classic bullish trend is fueled by the upcoming Coinbase listing. Investors are willing to bet on the asset to rise in value on the listing on the largest cryptocurrency exchange in the United States. The ripple of effect of investors taking positions while expectant for the upcoming price pump is an increase in transaction rates.
Significantly, Ethereum Classic transactions are nearing those recorded in January and February 2018 when the entire market was at the helm of all-time performance. On July 29 the transactions on Ethereum network hit 85K surpassing those of Bitcoin Cash (BTC) at 16K and Litecoin (LTC) at 24K. The transactions on August 1 are at 46k, however, the decline is witnessed across the entire market due to the current selloff. Ethereum Classic transaction rate is likely to clock 100k before the end of the year; a sign of a bright future for this asset.
The future is bright for Ethereum Classic not only because of the impending listing on Coinbase but also due to the projects the development team is currently working. The team recently announced that there focus is largely on the Internet of Things (IoT). Ethereum Classic believes that smart contracts will be essential to the success of IoT. For this reason, the team has reviewed the structure of the roadmap to include IoT in order to ensure that Ethereum Classic claims similar advantages just like DAG technology in the IoT market.
Furthermore, the revised roadmap introduces sidechains, aimed at facilitating infinite scalability on the network. The highest level of scalability, decentralization and extreme security place Ethereum Classic at a position where it can take over the IoT industry not only now but also in future. Investors in the market are realizing this fact and this explains the increasing transaction rates. In addition to that, later in the year and 2019, the team is preparing to work on the sharding technology that will spike Ethereum Classic transactions per second to over 1,000. Decentralized applications executing on Ethereum Classic are expected to rise as well.
These developments show clearly that the attention Ethereum Classic is getting from the investors is not just Coinbase driven. ETC has intrinsic value, besides it has great potential in the market. Most cryptocurrency enthusiasts believe that ETC is one of the most undervalued assets in the crypto market. Although Coinbase is expected to cause a spike in ETC price, it will be just a catalyst as Ethereum Classic has the ability to keep up with the high volume and continue with the growth.
At the time of writing, Ethereum Classic is trading at $16. It has lost more than 5% of its value in the last 24 hours. The asset is ranked 15th in the market with a capitalization of $1.6 billion while its trading volume in the same period is $188 million.