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Price Analysis of Gemini Dollar- a Dip in Market Trend

gemini_dollar

Gemini Dollar (GUSD) – stable coins developed on Ethereum network, and that follows the ERC20 technical standard for tokens. The characteristic features of the Gemini dollar required a network that allowed the development of decentralized applications which included smart contracts and further could be used to store and transfer value according to conditions set by the developer. Ethereum network suited this criterion and hence was used for building Gemini Dollars. These are supplied by Gemini, a New York Trust Company. The value of the coin is strictly pegged 1:1 to the USD. The Gemini Dollar combines the reputation and the price stability of the US Dollar with the blockchain technology and is regulated by the New York State Department of Financial Services (NYDFS).

Gemini became the world’s first licensed Ethereum exchange platform in June 2016. Additionally, it became the first licensed Zcash exchange too. Gemini Dollars are created at the time of withdrawal from the Gemini platform. Starting from September 2018, users could convert USD into Gemini Dollars at a 1:1 exchange rate in their Gemini account and withdraw them to a user’s specific Ethereum address. The US dollar amount of Gemini Dollars can also be credited to a customer’s Gemini account balance at the time of deposit. They could also convert the Gemini dollars into U.S. dollars by depositing them into the user’s Gemini account. The Gemini Dollars are either redeemed or destroyed at the time of deposit into the Gemini platform.

Gemini Dollar

Coinmarkcap research analysis for Gemini Dollar reports the market cap value of this cryptocurrency as on February 19 is $76,387,529 at 10:34 UTC has experienced a dip in current value by 16.51% relative to its level on January 10. The comparison shows that the market cap value of GUSD (Gemini Dollar) had reached its pinnacle on December 20 at 13:54 UTC that amounted to $102,978,957 – which is 25.82% higher than the current value. However, the numbers fell right after and have been on a downtrend ever since. Stats show that the improvements from the recent past have been so insignificant that there isn’t any change in the market trend. GUSD has created a bearish pressure with MCap values going downtrend.

Current price value of USD and BTC are $1.01 and 0.00025649 with the 24h volume is 49,435,387 USD on February 19 at 10:34 UTC. Both the prices of BTC are on a swing with its immediate ups and downs were in the price of USD has been range bound around 1.01 dollars. Along with MCap value, the BTC and USD values reached its peak in December 2018 and dipped right after and has been dipping continually. However, the price of BTC has been under MCap/USD pair, with Mcap values higher than the USD. The 20-day EMA shows a downtrend in the values by 17.18 percentage. While all the values on 20-day EMA are descending, the 24h volume has been on an uphill. The value as on January 30 was $17,934,062 USD, and that of February 19 (Current value) has elevated to 49,435,387 USD. The currency reached its milestone between December 06, 2018 and December 19, 2018, with a 13.48 percent increase in the USD pricing. The traders must explore the trend and contribute towards raising the value so as to keep the market uptrend.

GUSD has been ranked as the 56th largest cryptocurrency by Coinmarketcap. However, the moving average shows a downtrend and the stats show that the market trend, in general, is not stable currently. Hence, the market balance falls in favor of sellers. The investors and traders, with plans of long term investment on this cryptocurrency, will have to wait and observe the trend before moving forward. Nevertheless, the ups and downs can work beneficially for short term investors.

The post Price Analysis of Gemini Dollar- a Dip in Market Trend appeared first on CryptoNewsZ.



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