The first day of August 2016 turned out to be a boost surge for Ethereum Classic. This was when the price has reached to over $2 for each “Classical Ethereum”. While the previous week showed a volatile position of the ETC price, averaging in the mid-dollar range, today’s (August 2nd) price skyrocketed to a high of $2.92 per ETC.
One likely explanation for this is the breaking headline that CHBTC, one of the largest China-based exchanges of Ethereum, decided to list Ethereum Classic. This addition might have caused a rapid increase of Ethereum Classic activity by Chinese speaking traders who use CHBTC. The exchange decided to list the ETH Classic altcoin based on the growing demand of this newly speculative cryptocurrency. The CHBTC exchange has been known to be one of the biggest trading suppliers of the Ethereum (ETH) cryptocurrency. And based on today’s market statistics, CHBTC features the highest 24-hour Ethereum market value of $32,196,100 for the ETH/CNY pair. The second on the list is the Poloniex exchange with the 24-hour volume of $18,183,400 for the ETH/BTC pair. These figures could show that Ethereum trading is twice as popular at CHBTC then at Poloniex based on traded volume.
The latest indicating trend of CHBTC could be a present case ETC buy signal if ETC trading could be as popular as ETH trading at this exchange. Positive ETC trading signs may continue to emerge as more and more Chinese-speaking cryptocurrency traders would begin favoring Ethereum Classic trading at CHBTC. Followers of Ethereum Classic should still practice extreme caution towards whether or not to participate in any ETC speculation, as Ethereum Classic’s actual direction is not yet overly certain.