Asian Cryptocurrency Trading Update: Ethereum Classic The Only Winner

FOMO Moments

Current performing altcoins are Ethereum Classic, Binance Coin, Qtum and Bitcoin Diamond.

The massive selloff that initiated with a huge crypto dump on Sunday has continued into the week. Monday saw further losses and those have been extended into today as markets continue to fall. Bitcoin has reached what could be a temporary bottom at around $6,850, it has leveled off and clawed back around a percent over the past 24 hours. Ethereum is still dropping, down to around $530 where it seems to have leveled out for now. After the beating altcoins have taken in the past 48 hours they seem to have reached a plateau though many are still falling and there is a lot of red across the boards. There is only one big pump going on today and that is Ethereum Classic.

Coimmarketcap is reporting a 25% spike for ETC which started 3-4 hours ago. Currently trading at around $16.10 Ethereum Classic jumped from $13 this time yesterday. Looking back at the week ETC has clawed back all losses from the crash, it was trading at around $15 this time last Tuesday. Over the month however Ethereum Classic is still down around 6% despite this current surge. It was trading at around $17 this time last month. Against Bitcoin ETC has gained 21% on the day to trade at 231800 satoshis from 192000 sats this time yesterday. Weekly gains on BTC have been closer to 13%, up from 202000 satoshis this time last week.

The big pump has come from the Coinbase announcement that it will soon be supporting Ethereum Classic and adding the altcoin to its listings. The company blog stated;

“We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.”

As traders jumped in on the action Binance announced that it would also be listing Ethereum Classic/Tether and ETC/BNB pairings;

#Binance Adds #ETC/BNB and $ETC/USDT Trading Pairshttps://t.co/YUUUcIWSAO pic.twitter.com/z0XoxOuFjV

— Binance (@binance) June 12, 2018

Most of the trade volume at the moment is being handled by OKEx with around 25% of the total. Binance is the second most popular exchange with the only pairing it offered up until an hour or so ago; ETC/BTC. Trade volume has spiked from $187 million to $440 million in 24 hours and market cap for Ethereum Classic has risen to $1.6 billion pushing it up to 18^th spot.

ETC is the only bright spot in a bearish market at the moment. Total capitalization has remained level on the day at around $300 billion but has shed $50 billion over the past three days. Most altcoins are still falling however one or two are performing during Asian trade this morning and they include Binance Coin up 10%, Qtum climbing 5%, and Bitcoin Diamond 9% higher.

More on Ethereum Classic can be found here: https://ethereumclassic.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.