The Ethereum Classic (ETCUSD) pair represents the exchange rate between Ethereum Classic (ETC), a decentralized blockchain platform, and the US dollar (USD). Here's how the conversion works:
Example: To convert ETC to USD, you sell 10 ETC tokens on a cryptocurrency exchange at the current ETCUSD exchange rate of $50 per ETC. The transaction executes, and you receive $500 in USD.
The pair’s history dates back to the inception of Ethereum Classic in 2016 when it split from the Ethereum blockchain. The pair has witnessed significant price fluctuations influenced by market demand, investor sentiment, technological developments, and regulatory factors. As a prominent cryptocurrency pair, ETCUSD offers traders and investors the opportunity to speculate on the price movements of the Ethereum Classic against the US dollar.
Ethereum Classic (ETC) was launched in July 2016, following a contentious hard fork from the Ethereum blockchain. During its early days, ETCUSD witnessed relatively low trading volumes and price levels. However, it gradually gained traction and experienced its first notable price surge in late 2017, reaching a peak of around $47 in December of that year. Following the peak, the pair underwent a significant correction, with its price declining to around $4 by December 2018. Throughout 2019 and 2020, the pair exhibited a range-bound price behaviour, hovering between $4 and $12.
In 2021, the pair experienced another significant price surge, reaching an all-time high of around $176 in May before entering a period of consolidation. The price history of ETCUSD since its launch demonstrates the volatility and price fluctuations associated with the cryptocurrency market, influenced by market demand, technological advancements, regulatory developments, and investor sentiment.
Trading ETCUSD offers potential pros and cons. Pros include exposure to Ethereum Classic's price movements against the US dollar, opportunities to profit from volatility, and the ability to diversify cryptocurrency trading strategies. However, the cons include high volatility, increased risk, regulatory uncertainties, liquidity variations, and potential security threats associated with cryptocurrency trading. Traders may also consider other currency pairs like ETHUSD (Ethereum to USD), BTCUSD (Bitcoin to USD), or LTCUSD (Litecoin to USD) for broader cryptocurrency market exposure.
Each currency pair has its unique characteristics and risks, and traders should conduct thorough research and analysis to make informed decisions. It's important to stay updated on market trends, employs risk management strategies, and utilize reliable trading platforms for optimal trading experience.
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* The spreads provided are a reflection of the time-weighted average. Though Skilling attempts to provide competitive spreads during all trading hours, clients should note that these may vary and are susceptible to underlying market conditions. The above is provided for indicative purposes only. Clients are advised to check important news announcements on our Economic Calendar, which may result in the widening of spreads, amongst other instances.
The above spreads are applicable under normal trading conditions. Skilling has the right to amend the above spreads according to market conditions as per the 'Terms and Conditions'.
Why Trade [[data.name]]
Make the most of price fluctuations - no matter what direction the price swings and without capital restrictions that come with buying the underlying crypto asset.