Ethereum prices were hiking even after the Bitcoin crash as the bulls raced past the $244.57 mark and was trading at $239.81. Ethereum fell by 0.42% over the past 24 hours. The market cap of Ethereum was $25.44 billion, with $13.58 billion in 24-hour trading volume.
Tron endeavours towards building a user-centric system wherein the users have authority over centralized organisations. Tron gained momentum in the market with the launch of it’s latest security feature – zk-Snarks- to up its privacy settings. Tron was priced at $0.0271 with a market cap of $1.8125 billion, at press time. Tron stood at the eleventh position on the top cryptocurrencies list around the globe, with $812 million in trading volume.
ETH saw an uptrend from $136.39 to $255.60. There were two resistance lines at $247.74 and $195.83. Support lines were drawn at $99.44 and $86.37.
Bollinger Bands indicated a high rate of volatility in the ETH market.
Awesome Oscillator indicated a bullish buying opportunity as the long-term momentum was inferior to short-term momentum.
Chaikin Money Flow indicator pictured the indicator line above the zero-line. The money flowing into the market was exceeding the money flowing out of the market.
TRX saw two uptrends, first from $0.0153 to $0.0287 and second from $0.0262 to $0.0307. Resistance lines stood at $0.0307 and $0.0267, and the support line was positioned at $0.0126.
Bollinger Bands depicted an increased rate of volatility in the TRX market.
Awesome Oscillator showed a bullish buying opportunity as it was evident from the graph that the short-term momentum was greater than the long-term momentum.
Chaikin Money Oscillator showcased the indicator line falling, but above zero. This indicated that money flowing into the market was higher the money flowing out of the market.
ETH and TRX were showing signs of a bullish trend as the market.
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Gemini outperforms Tether; stablecoins struggle as Libra’s shadow looms, finds Fundstrat report
Last week might have been the last phase of the ‘Gemini’ as Zodiac signs go. However, the twin-heads have surprisingly outperformed their stablecoin equivalent, Tether [USDT] as Libra scaled the market. With bullish sentiment emanating from Menlo Park, pushing Bitcoin [BTC] into fifth-heaven, stablecoins on the whole faltered.
According to a recent Weekly Performance Analysis by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC. Further, the same index was over the past month, down by over 35 percent and in the past 3 months, the stablecoin index fell by 175 percent.
Fundstrat, with reference to the nature of the FS CryptoFX Stable Index, stated,
“The FS CryptoFX Stable index is designed to track the performance of cryptocurrencies which are designed to be “stable.”
The Winklevoss twins’ Gemini Dollar [GUSD], which many expect to be eaten up in the Libra storm of 2020, overtook USDT on both the 1-week and the 2-week percentage price chart, a surprise to many.
USDT, despite accounting for a percentage weight of 74 percent, saw neutral movement over the past week, while GUSD inclined by a notable 1 percent. The only stablecoins that moved backwards on the seven-day change chart were the crypto-collateralized stablecoin DAI and Paxos Standard.
A similar trend was seen in the 14-day stablecoin price chart, relative to their weight, with GUSD outperforming USDT.
On the eve of the Libra announcement, the Winklevoss twins had both predicted that other FAANG companies could come out with their own coins to rival Facebook, a slightly tongue-in-cheek remark that presumably emanated out of spite over Zuckerberg once again overshadowing the Gemini founders.
Despite numerous reports on Libra’s apparent lack of one-for-one backing of USDT and the complexities around the Bitfinex-iFinex-Tether matrix surfacing in April with the New York Attorney General’s report, Tether has been performing well.
A recent Longhash report scored the top stablecoin 90 out of a possible 100, calling it “Extremely Healthy.” To add to this, a study by Binance Research stated that USDT found maximum usage among its institutional and VIP clients, operating in the books of 80 percent of the clients queried, while the next most dominant stablecoin was Circle and Coinbase-propelled USD Coin [USDC], raking in 45 percent usage.
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