Ethereum Classic (ETC), an initial version of Ethereum (ETH) cryptocurrency procotol, is seeing its ETC token price going through the roof. It added 40 percent in 24 hours only and left 2017 in the dust.
Ethereum Classic (ETC) gets caught by altcoins' frenzy
Today, May 5, the price of Ethereum Classic (ETC) surged to a historic high of $81.56 on major spot platforms. The previous high was registered on Dec. 20, 2017.
Forty months ago, the ETC price barely touched the $41 level. The trading volume for ETC across all major exchanges was less than $1 billion. Today, it surpassed $18 billion in equivalent.
Ethereum Classic (ETC) represents the first "pre-DAO-fork" version of Ethereum (ETH) protocol. It utilizes the same Ethash mining alogithm for transaction confirmation.
As covered by U.Today previously, yesterday, on May 4, Ethereum (ETH) also printed a new all-time high over $3,500. This record was followed by massive shorst liquidtations on Huobi, ByBit, Binance Futures and so on.
Coinbase interest fuels ETC growth
Eagle-eyed Twitter commentators noticed that the "Coinbase premium"—the gap between the average price on spot exchanges and Coinbase's ETC/USDT ratio was very high during the maximum price spike.
At its peak, the ETC price on Coinbase was over $98, implying a 22 percent "Coinbase premium"—which is a very high level for this metric.
Typically, this is interpreted as the indicator of Coinbase liquidity inflow being the main catalyst of the ETC spike.
As U.Today reported, Coinbase has recently added USDT stablecoins to its range of assets.