Surprise?
That might sum up the reaction among some members of the crypto community Tuesday when U.S.-based exchange startup Coinbase suddenly announced its plans to list ethereum classic (ETC).
Ranking just inside the top 20 cryptocurrencies, ETC traces its origins to 2016 and the collapse of the DAO, an ethereum-based funding vehicle that fell apart following a code exploit. As such, the network is known by some as “a continuation of the original ethereum blockchain,” a name bestowed after a code change on ethereum reversed losses stemming from the failed project.
Still, it might be the small size of the market that is grabbing most of the attention.
As of the time of writing, ethereum classic is the eighteenth largest cryptocurrency by market capitalization – valued at more than $1.5 billion – according to data from CoinMarketCap, which tracks price developments in the market. However, it’s important to note, it’s one of the largest by volume (ranking in the top five).
But despite that boost from traders, a scan of reactions on Twitter suggests that a number of market observers were taken aback by the listing announcement, which sparked a 25 percent price increase following the revelation.
In one case, the response was pretty blunt:
$ETC? Really?
— Salmon Addict (@EthereumAddict) June 12, 2018
This observer took criticism to the next level, suggesting that the listing had more to do with spurring user activity, to put it lightly, than anything specifically to do with ETC.
Ripple effect?
Amidst the social conversation, some tried to draw a connection between the ETC listing and the fact that, to date, the exchange hasn’t added support for the cryptocurrency XRP. As XRP is the third-largest crypto by market capitalization, much of the surprise stemmed from the fact that Coinbase would move to list a “lower value” coin.
Yet the lack of a listing is perhaps unsurprising, given past reports. Back in April, Bloomberg reported that distributed ledger startup Ripple tried unsuccessfully to get the token listed on Coinbase.
This is the dead sea, the saltiest place on earth, second only to the XRP community after coinbase decided to add ETC. pic.twitter.com/iCBDpKxptU
— Crypto฿ull (@Crypto_God) June 12, 2018
On the other hand, those supportive of the token and Ripple’s efforts struck optimistic tones as the story spread.
Coinbase plans to add a single coin.
Ripple adds a bank a week to their network.
— Robert (@outlaw2097) June 12, 2018
Glass half-full
While much of the discussion today centered around what the listing might mean for ETC in the long-term, others rode the social waves by taking a more humorous approach to their commentary.
For example, several observers tied the development to this week’s summit between U.S. president Donald Trump and North Korean dictator Kim Jong-un.
Rumour has it that one of Kim Jong Un’s conditions for denuclearization was Coinbase adding $ETC.
— Emptybeerbottle (@Fullbeerbottle) June 12, 2018
Kim – Trump Agreement leaked$ETC pic.twitter.com/fB0yy5c4aX
— FatihSK87 (@FatihSK87) June 12, 2018
Still, a (small) portion of people in the crypto community decided to stay positive after the announcement.
Doesn’t matter if you like $ETC or not, Coinbase adding more coins is bullish for Crypto. Coinbase is one of the biggest fiat to Crypto Ramps in the whole world of Crypto right now, and this is bullish for Crypto overall. Stop beeing a hater ✌️
— Cryptopatush [Vice President of Altcoins] (@Topkek1337xd) June 12, 2018
Coinbase image via Shutterstock