Despite rising retail and institutional adoption across the altcoin landscape, ETHs value has continued to remain quite shaky.
- ETHs market valuation and dominance index currently stands at AU $476 billion, 19% respectively.
- Popular American theatre chain AMC announced recently that it will now be accepting payments in Dogecoin and Shiba Inu.
- Circle-backed stablecoin USDC’s circulating supply has grown radically over the course of 2021, with the metric fast approaching that of USDTs.
Ethereum, the world’s second largest cryptocurrency by total market capitalization, has failed to find support above the all important AU $4,000 (US $3,000) psychological threshold, resulting in the altcoin showcasing fortnightly losses of approx. 15%. At press time, ETH is trading at AU $4,052.
The current volatility comes despite an increasing number of prominent altcoins witnessing continued adoption globally. For example, AMC Theatres, one of America’s largest cinema chains, recently updated its payment terms, allowing patrons to make use of Dogecoin and Shiba Inu for various in-app purchases (including ticket acquisitions). To this point, the company first started accepting crypto payments back in Q4 2021, allowing users to buy movie tickets via Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Similarly, Asian crypto-payments firm Nium also recently released an API solution in conjunction with BitPay allowing users to start buying/selling everyday products via the use of various digital currencies.
Doge dip incoming?
Following last week’s rally that saw the price of Dogecoin increase quite substantially — thanks, in large part to, Tesla CEO’s offer to buy out Twitter entirely — the wildly popular memecoin has started to show signs of monetary weakness. For example, over the last seven day stretch, DOGEs value has dipped by approx. 7%.
Not only that, as per many pundits, the currency’s emerging technical patterns suggest that the coming few days could see Dogecoin slip even further, potentially registering losses in excess of 30%.
Is Tether’s market clout sustainable?
Tether and Bitfinex CTO Paolo Ardoino recently stated in an interview that despite more and more USD pegged stablecoins entering the crypto market in recent months, USDT remains the gold standard of what this niche has to offer, adding: “If you see the volumes of Tether compared to the rest of stablecoins, they are insanely higher. They are even 10 times higher on a bad day,” he pointed out.
That being said, statistical data released by Arcane Research, shows that USDC, the world’s second-largest stablecoin offering, too has been growing at an exponential rate over the last 12 months and has the potential to overtake Tether as far as market capitalization goes.
Former Ripple advisor to head Fed vice chair for supervision?
After it came to light that ex-Federal Reserve Board governor Sarah Bloom Raskin had withdrawn her name from the nomination fray, President Joe Biden revealed that he plans on introducing Michael Barr as the Fed’s vice chair for supervision. Barr has previously worked for the Obama regime and is currently a law professor at the University of Michigan. Not only that, he was also on the advisory board for Ripple Labs, the company behind controversial cryptocurrency XRP, from 2015 to 2017.
Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a range of cryptocurrencies at the time of writing
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