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,