Ethereum Classic price goes ballistic, racks up 30% gains

Binance listing Ethereum Classic on its futures platform has helped to push its price up.

Jan 17, 2020

2 min read

Could Ethereum Classic work its way back to the top 10? Image: Shutterstock.

The price of Ethereum Classic (ETC) has gone up by 30% in the last 24-hours to reach its current value of $9.81. This is a growth spurt of 280% from its low point of $3.50 in December, last year.

However, the price of ETC is still down almost 80% compared to its all-time highest value of $47, reached two years prior.

Ethereum Classic's sudden bullish break appears to be a direct consequence of it being listed on the Binance Futures trading platform. Now, Binance users have the ability to both short and go long on Ethereum Classic with up to 75x leverage—and it seems most traders are long right now.

#Binance Futures Will Launch @eth_classic $ETC/USDT Perpetual Contract With Up to 75x Leveragehttps://t.co/1dHccMblL7 pic.twitter.com/eje3xMGdwH

— Binance (@binance) January 15, 2020

Owed to its recent bullish activity, Ethereum Classic now occupies the position of the 14th largest cryptocurrency by market capitalization, after achieving a market cap of just over $1.1 billion. As such, Ethereum Classic has climbed 12 places since this time last month—leapfrogging the likes of Chainlink (LINK), Tezos (XTZ), Cardano (ADA) and Stellar (ADA) to secure its current spot.

Should the cryptocurrency gain another five percent against the market, it could leapfrog a further three cryptocurrencies to enter the top 10 cryptocurrencies by market capitalization. But that's assuming it doesn't make a sudden turnaround.

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