While most of the digital currency market is down slightly, following Bitcoin’s dip below $7,000, there are a few coins that are doing exceptionally well. Basic Attention Token (BAT) is one of them, recovering from a dip of just under $0.25 USD, to a high of $0.295 according to CoinMarketCap. Another is Hshare, where volume has been surging for the last two days. But, we’ve got our eye on Ethereum Classic, and here’s why.
ETC is at its highest level in almost four months, and trading at $18.96 according to CoinMarketCap. The last time it tested $19 was on July 8, at $18.81. Prior to that, it peaked at $24.21 on May 6 before declining back down to $13.48 on July 14. Now, Ethereum Classic is showing promise again because it’s been added to the Robinhood Crypto platform according to the company blog.
With the addition of ETC to the Robinhood platform, investors may now buy into the coin, commission-free. This puts it in league with the other coins on Robinhood, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Dogegoin.
While Robinhood Crypto is only available in 19 states in the US, the company is working on expanding its reach as they seek to meet the individual regulatory and licensing requirements of each state. The states where you may use Robinhood’s platform include Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia and Wisconsin.
In addition to the coins that are available for sale on Robinhood, the company tracks and reports a number of other coins, which we might infer are on their list of possible future additions. These include: Bitcoin Gold (BTG), Dash (DASH), Lisk (LSK), Monero (XMR), NEO (NEO), OmiseGO (OMG), Qtum (QTUM), Ripple (XRP), Stellar (XLM) and Zcash (ZEC).
While this platform may sound small, it is important to know that it is the cryptocurrency trading arm of Robinhood Markets, an online stock broker platform. Robinhood Crypto is still relatively new, having opened for business in February 2018. During those six months, they’ve grown from just five states, to the current list of 19 states available for trading. The company is a leading broker for the trading of stocks and options, so we can expect that they may put similar effort into becoming a leader among cryptocurrency exchanges over time.
Ethereum (ETH) is still the cryptocurrency of choice for ICO development, and because of its position, it’s been the target of hackers, with 3.6 million tokens stolen in 2016. By contrast, Ethereum Classic is still somewhat under the radar, even though it’s derived from the same code base. This feature is not available for most cryptocurrencies; once funds move from one place to another, it usually requires a hard fork to do anything about it.
Last, Robinhood Crypto is not ETC’s last stop. Coinbase has pre-announced possible support for Ethereum Classic, which would give it instant availability to their tremendous customer base.
We are not financial advisors, so be sure to speak with a professional before making any investment decisions. However, we do believe that Ethereum Classic is one coin you should take a look at.