Home Cryptocurrency Ethereum Bitcoin steadies as volumes recede, Ethereum Classic spikes on Coinbase listing news

Bitcoin steadies as volumes recede, Ethereum Classic spikes on Coinbase listing news

4 min read

Digital currencies for the most part have taken a breather Tuesday, after a frantic 48-hours that saw more than $45 billion wiped off the total value of all cryptocurrencies.

After shedding more than 10% Sunday, bitcoin, the worlds biggest digital currency, has righted the ship, holding above $6,500. However, with crypto traders licking their wounds, interest has waned. “There’s a lot of wait and see now. Since then [the selloff Sunday] volumes have receded and at this level there is a general lack of interest,” said Mati Greenspan, senior market analyst at eToro.

Greenspan added that the crypto market is in a liquidity vacuum at the moment, and is susceptible to these large moves, both up and down.

The price of a single bitcoin

BTCUSD, -2.87%

 was last worth $6,742.54, down 0.3%, since Monday 5 p.m. Eastern Time on the Kraken crypto exchange.

Read: Opinion: This is all it would take for bitcoin to become a worthless cryptocurrency

Ethereum Classic spikes

The price of Ethereum Classic rose by as much as 25% Tuesday, after news Coinbase, one of the biggest U.S. based digital exchanges, said it was in the process off adding the digital currency to its trading platform. In a blog post, Coinbase said it was in the engineering stage and expects it to be launched in the “next few months.”

Ethereum Classic was created in July 2015 as a result of a hard fork by Ethereum. A hard fork is when a single cryptocurrency splits into two because of a change in the rules used by nodes to validate transactions and not all users agree on the change.

According to data from CoinMarketCap Ethereum Classic is the 18th largest digital currency with a market cap of $1.6 billion.

Altcoins clawing back some losses

Coins other than bitcoin, known as altcoins, are having a mixed Tuesday. Ether

ETHUSD, -4.31%

is up 1.1% at $520.88, Bitcoin Cash

BCHUSD, -6.24%

is down 2.4% at $904.20, Litecoin

LTCUSD, -4.21%

is down 0.2% at $104.86 and Ripple’s XRP coin

XRPUSD, -4.65%

has lost 1.4% to 57 cents.

After posting hefty losses Monday, bitcoin futures have steadied, trading around opening levels. The Cboe June contract

XBTM8, -3.40%

is down 0.3% at $6,735, while the CME June contract

BTCM8, -3.26%

is down 0.2%, last trading at $6,735.

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