CoinDesk Indices Smart Contract Platform Highlights the Difference Between Bitcoin and Ether Performance

CoinDesk
CoinDesk

28 Jun 2023 9:09 PM

Stablecoin supplies on smart contract platforms continue to trend downward, but the smart contract index has maintained a solid performance....

  • The CoinDesk Indices Smart Contact Platform Select Index (SCPX) has slowed down after a 12% increase since June 15.
  • The SCPX has underperformed compared to the CoinDesk Currency Select index (CCYS), which has gained 81%.
  • Stablecoin movement into smart contracts may indicate when the SCPX's performance will improve.
  • The SCPX is composed of seven digital assets, with Ether representing 82.5% of the index.
  • The SCPX is up 43% year-to-date, while ETH has increased by 55%.
  • The performance disparities between BTC and ETH may narrow over time due to their strong pricing relationship.
  • The potential approval of a spot bitcoin ETF has boosted BTC relative to other digital assets.
  • Stablecoin movement on smart contract platforms may hint at the future direction of smart platforms.
  • The stablecoin supply on smart contract platforms has been declining since March.
  • USDT is the largest stablecoin on smart contract platforms, followed by USDC.
  • Despite the reduced stablecoin supply, the SCPX has remained strong, highlighting the resilience of ETH.
  • Investors bullish on smart contract platforms may look for an increase in stablecoin supplies as a positive signal.

The sentiment of the article is generally positive, highlighting the potential opportunities and resilience of smart contract platforms, particularly ETH.

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You May Ask

What is the performance of the CoinDesk Indices Smart Contact Platform Select Index (SCPX)?How does the SCPX compare to the CoinDesk Currency Select index (CCYS)?What is the composition of the SCPX?How has the stablecoin supply on smart contract platforms been trending?What factors may affect the performance of smart contract platforms, particularly ETH?

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