Ethereum Classic Market Report: Kraken Opens ETC Trading
Ethereum Classic is down -15.83% on the day on a last price of 0.00307213. ETC/BTC is trading between a 24hr high of 0.00487200 and a 24hr low of 0.00224002 on a 24hr volume of 150413.88 BTC or 44586613.82 ETC. The weekly trend is up.
|last price||$ 2.0036|
|one week ago||recently launched|
Ethereum Foundation backs losing ETH chain
Notwithstanding widespread assertions that an ETH hardfork winning chain would quickly emerge, and that the winning chain would be the Foundation backed ETH chain, a different reality has emerged. Poloniex offered the competing ETC Ethereum Classic chain on July 24 2016. Since then the ETC pairs have weighed in significantly higher in trading volume. At press time the volume of Poloniex traded ETC over ETH was nearing double, and did exceed twice the ETH amount in the previous trading day on July 26 2016.
ETC has exceeded ETH volume on Poloniex in every trading day since the launch of ETC. Poloniex is far and away the dominant ether trading platform with exponentially more volume than its closest competitor.
Kraken adds ETC pairs
Kraken has introduced ETC pairs today, July 27 2016. At first Kraken had elected to not support the ETC chain. Their earlier July blog post stated: “How long will it take? Although the process may go smoothly and quickly, we want everyone to understand that we will be very cautious about waiting for a clearly dominant chain (with the most work on it) to emerge before enabling ETH and DAO funding again. We think this is unlikely, but depending on how things go, we may have to wait several days or more to be safe.”
As it turns out the competing ETC chain is so popular on Poloniex presenting a sizable business opportunity, and Kraken has changed course announcing support for ETC trading. Kraken offers ETC pairs in ETH, EUR, USD and XBT.
The explanation given on the Kraken blog for the addition of Ethereum Classic (ETC) states: “However, the competing chain that does not reimburse DAO investors remains viable with a significant community of support. This network has come to be known as Ethereum Classic and the tokens are called classic ethers (ETC)… Kraken has elected to support classic ether along with most of the major Ethereum exchanges.”
Politicization of ether
Since the notion of an ether hard fork was presented the subject has seen considerable controversy. On the Ethereum Foundation blog in the article Onward from the Hard Fork the user gravity replied to the user DigitalAndroid: “If there was better use of critical thinking instead of constantly resorting to logical fallacies and statements without any substance, reasoning or evidence we could have avoided a lot of problems that led us here.”
The Ethereum Foundation published software that had an exploit vulnerability. Many opponents of the resulting hard fork believe that a chain should not be hard forked every time the chain is hacked.
Price change is the percentage change within the period:
Tap or click chart to enlarge:
Poloniex is the data source for this market report.
Market capitalization is the total $US dollar value of the Ethereum Classic market calculated using the formula:
|Market cap||Available supply||Last price|
|$ 164,891,177||82297453||$ 2.0036|
Daily High Low
The weekly trend is up.
Support is the lowest price within the period:
Resistance is the highest price within the period:
The data source Poloniex does NOT offer margin trading on this digital asset.
Range is the difference in price within the period:
Market sentiment is bullish.
Ethereum Classic is down -15.83% on the day. Volume of ETC is substantially exceeding the volume of ETH. Kraken adds ETC trading pairs. The weekly trend is up. Market sentiment is bullish.
Past history is NOT an indicator of future results. Read the legal disclaimer:
This report was printed on Wednesday July 27 2016 12:55 hours UTC. Contact KittyBitcoin to request custom reports.
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