- Ethereum Classic (ETC) soared over 30% in the past 24 hours breaking resistance at $7.00 USD.
- Binance, the largest crypto exchange in trading volumes lists ETC/USDT perpetual contracts.
The cryptocurrency market has been on a sustained uptrend in the past week or so as top altcoins witnessed double digit growth during the said period. The market seems to be reacting to any small development on altcoins such as the recent soar in Ethereum Classic’s price to par-$7 resistance levels following Binance announcement of ETC/USDT perpetual contracts listing expected to launch on 16th January 2020.
ETC soars over 30% in past 24 hours
The “original Ethereum” has taken a while to react to the market’s boost but the current price will keep bulls hopeful of a possible soar to all-time highs in 2020. Starting the year off at $4.50 USD, ETC endured a sullen soar to $5.58 on Jan. 14, representing 24% increase during the period. However, the price pushed to obscure heights in the past 24 hours crossing the psychological resistance at $7.00 USD, signaling a possible end to the two year downtrend on the token.
ETC is currently changing hands at $7.49 USD, a slight drop from intraday highs of $7.78 USD, representing 34.25% increase in the past day. Could this be a market reaction to the latest Binance announcement?
Binance launches ETC/USDT perpetual contracts
According to an official release on Binance blog, the top crypto exchange in the world is launching perpetual contracts on ETC/USDT pairs. Perpetual futures contracts function similar to normal futures contracts but lack an expiration date giving long term investors a platform to bet on future performance of the asset.
The leverage to trade the contract is set at 75X, a high figure, with an option to extend it in the future. The post from Binance team reads,
“Binance Futures will launch ETC/USDT perpetual contract and open trading at 2020/01/16 08:00 AM (UTC). Users will be able to select between 1-75x leverage.”
Once the news broke, ETC soared by 7% in an hour from $7.20 USD to $7.80 USD as seen on the chart below (marked point).
While the announcement may have caused a continuation of the spike in ETC’s price, the overall conditions in the market hold more weight in influencing the price.
Image from TradingView