ETHs continued strong market performance over the last few weeks has resulted in the altcoin’s fortnightly gains soaring to over 10+%
- A vast majority of the altcoins in the top-50 have continued to track Bitcoin’s price movements over the last few months.
- Ethereum’s market dominance index (DI) currently stands at an impressive 17.3% with its total capitalization hovering around the AU $600+ billion range.
- Facebook’s highly anticipated Novi wallet has been released for beta testing for certain users based out of N. America and Guatemala.
After touching a relative high of AU $5,200 (US $3,900) a few hours ago, Ethereum, the world’s second largest cryptocurrency by total market capitalization, proceeded to showcase a slight correction, currently trading at a price point of AU $5,130. As a result, the digital asset’s monthly gains stand in excess of 15%.
From a purely statistical standpoint, it should be noted that while Ethereum has largely outperformed Bitcoin over the last 12 months, it has been closely following Bitcoin’s price movements recently — a trend that has also been aped by other digital assets currently lying in the top-50.
To put things another way, one can see that over the course of the last 12 months, Ethereum has been able to register solid gains in excess of 915%. In comparison, Bitcoin’s profits over the same time window stand at just 444%, which is less than half of Ethereum’s tally.
Cardano struggles despite altcoins gaining ground
In a somewhat surprising turn of events, Cardano (ADA), a digital asset that recently saw the launch of its highly-touted smart contract infrastructure, seems to be struggling quite mightily monetarily. In this regard, while most altcoins have made a major rally over the last few weeks, ADA has continued to book substantial losses over the past month, with the asset currently down -8.4% over the last 30-day stretch.
Infact, on a technical note, it should be highlighted that ADA recently formed a “death cross” on its daily chart against Bitcoin, a signal that is typically viewed as a sign of increased near-term bearish action. Therefore, it will be interesting to see how the future plays out for Cardano, especially as the industry as a whole continues to garner an increasing amount of traction each passing day.
Facebook’s Novi wallet to be piloted by Paxos and Coinbase
To help with the release of its upcoming Novi digital wallet, social media behemoth Facebook has joined hands with crypto giants Coinbase and Paxos. As a result, the project’s testing has now officially kicked off across certain locations around the United States and Guatemala.
As things stand, a select group of users will be given access to the Novi wallet ecosystem on their Android or iOS devices. The chosen individuals will be able to add money to their accounts using a debit card, following which they can send or receive funds in the form of Pax Dollars (USDP), a dollar-backed stablecoin.
It is important to remember that unlike Tether (USDT), which has been under a lot of regulatory scrutiny in recent months, USDP reserves are fully backed by cash. Lastly, all customer assets are reportedly going to be custodied with Coinbase, a firm that currently has over US $180 billion in assets under management (AUM).
Disclosure: The author owns a range of cryptocurrencies at the time of writing
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