Coinbase announced earlier today that they will add ethereum classic (or ETC) to their platform (IMPORTANT NOTE FOR ALL OF OUR DEAR READERS SITTING IN THE BACK!) in the next few months.
This announcement immediately caused the price for ETC to jump almost 25%.
As a reminder, Ethereum classic was created in June 2016 via a fork in the cryptocurrency. Forgot what a fork is? No worries, we’ll break it down for you: a fork is when one cryptocurrency splits into two independent and separate cryptos.
This particular fork resulted in two cryptocurencies: ethereum (ETH) and ethereum classic (ETC).
Note: Ethereum classic (ETC) is currently ranked as #18 among all cryptos by market cap.
But Team Crypto Mouse, you may be asking, you haven’t recommended Ethereum classic in the past – what gives? Well dear readers, we have been tracking Ethereum classic since the fork, but we’ve never recommended it because we teach to invest in cryptos to build wealth over a longer time horizon (5-10 years).
This IS NOT a get rich quick scheme, true wealth creation is our goal.
And like our prior recommendations, we believe ethereum is the best long term play when analyzing the two.
Will Coinbase listing Ethereum classic cause the price to spike? Definitely, and remember, it is likely more people will buy ETC simply because Coinbase has the most customers.
If you remember, this happened before when Coinbase listed bitcoin cash, causing a 300% climb almost instantly.
And again in 2017 when Coinbase saw a spike in new accounts. Litecoin skyrocketed up in price simply because it was one of the only cryptos available on that exchange.
Sure, go abead and buy a little ETC if it tickles your fancy, then sell once its Coinbase listing goes live and the price jumps.
But do not lose sight of the end goal here – true wealth creation.
We are still in early days in the crypto space, strive to accumulate to hold for the long term. We’re in the second inning, overall crypto prices are down or even going sideways, and we at Team Crypto Mouse expect this to continue for the foreseeable future.