Ethereum’s price continues to flirt with all-time high as market cap continues to grow

Posted: 20 October 2021 5:54 pm

ETH's 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 17.3% with its total capitalisation hovering around the AUD$600+ billion range.
  • Facebook's highly anticipated Novi wallet has been released for beta testing for certain users based out of North America and Guatemala.

After touching a relative high of AUD$5,200 (US$3,900) a few hours ago, Ethereum, the world's second-largest cryptocurrency by total market capitalisation, proceeded to showcase a slight correction, currently trading at a price point of AUD$5,130. The digital asset's monthly gains stand in excess of 15%.

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 copied by other digital assets currently in the top 50.

Over the course of the last 12 months, Ethereum has registered 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.

How to buy Ethereum

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 monetarily. 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.

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. 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, Facebook has joined hands with Coinbase and Paxos. The testing of the project has now officially kicked off across specific locations around the United States and Guatemala.

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. They can then 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 held with Coinbase, a firm that currently has over US$180 billion in assets under management (AUM).

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

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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