Cryptocurrencies across the board gaining

Exploding Chinese trading volumes saw cryptocurrencies across the board gaining Thursday - with the notable exception of Ethereum Classic (ETC). While the top eight cryptocurrencies posted increases from modest to giant in the case of Ripple (38 percent in 24 hours), ETC was left floundering. This comes despite news last week from BTCC CEO Bobby Lee that his exchange, which is a major presence in China, would list ETC based purely on consumer demand.

Former Ethereum developer Charles Hoskinson even tweeted that he was “extremely excited” at the decision. Fellow Chinese exchanges’ hint that Bitcoin withdrawals would imminently resume causing a surge of enthusiasm in trading markets late Wednesday. After being beaten on 24-hour trade volumes earlier this week, Bitcoin is now far ahead of its nearest rival Ethereum (ETH).

ETC meanwhile is still awaiting renewed attention, which if not from China will likely come from its major proponent, Digital Currency Group CEO Barry Silbert. The entrepreneur seemed to approve several of commentator Tuur Demeester’s hints that the asset could be headed for an “uptrend,” and had “entered a long position” versus ETH.

Chuck Reynolds
Contributor
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