Just a very short while ago, one of the largest Chinese exchanges, Huobi, announced the highly-anticipated start of Ethereum trading on its platform. Although the exchange made a huge step ahead to bring more liquidity to the cryptocurrency market, experts doubted if other leading Chinese exchanges will follow.
However, today the news comes from China that one more major exchange, OKCoin, expands its portfolio with Ethereum (ETH).
The company states growing interest of its customers towards the Ethereum and Ethereum Classic and the rising demand as the main reasons for the initiative. OKCoin has been studying technical maturity, innovation, market liquidity, and compliance of both cryptocurrencies to assess their viability.
“Today, we are formally launching ETH on the OKCoin exchange. Ethereum has a current circulation of 90 million, with ETH reaching a market cap in excess of USD 10 billion, and a total hashrate of more than 25K GB. Hundreds of applications are now built on Ethereum and a growing number of applications are using smart contracts run on the Ethereum blockchain”, OKCoin said.
The official launch of Ethereum deposit and withdrawal services is scheduled for 22:00 on May 31 while Ethereum trading services will be available tomorrow at 12:00.
The fact that two of three leading Chinese exchanges started Ethereum trading can be rather eventful for the whole cryptocurrency ecosystem. As Chinese exchange generate a lot of volume on a daily basis, it is likely that the demand for Ethereum will increase. As for now, the price makes up $231. Experts do not expect a massive price increase although the availability of direct trading market against the Yuan is always a good idea.
By the way, BTCC, the third large exchange in China, has recently confirmed it will also start Ethereum Classic trading soon.
Today, Ethereum breached the $300-mark for the second time in history following the news that Huobi went live with Ethereum. The Buy order was captured at Trading View by Coinspeaker at 12.37pm Shanghai time.
Previous trades in the $300-range were recorded last week. Last week’s $300-plus trading in Ethereum was then followed by a sharp sell-off before another rebound.
The cryptocurrency decentralized platform Ethereum that is now gaining popularity was launched at the end of July 2015. Currently, it is the second-largest cryptocurrency by market capitalization – Bitcoin is still in the lead.