Ethereum, the second largest cryptocurrency by market capitalisation has dipped more than 15% since the highly anticipated “Merge” which completed on Sept 15.
Ethereum is currently trading at around US$1,340 apiece, its lowest level since July. Meanwhile, its offshoot token EthPoW, which is intended to preserve Proof-of-Work on a forked version of Ethereum, has also tumbled to the US$4 level from the pre-Merge high of around US$50.
Chart: Ethereum 7-day performance, CoinGecko
While other cryptocurrencies continue to see red, Chiliz (CHZ) continues to be on an upward trend. The digital currency that powers sports engagement and rewards platform Socios is up more than 15% over the past week and 21% over the past month.
Chiliz received regulatory approval to operate in Italy on Aug 18. Earlier that month, Chiliz announced that it is acquiring 24.5% stake in FC Barcelona’s digital content creation arm Barça Studios for US$100 million. Aside from FC Barcelona, Socios also has partnerships with Manchester City, Arsenal FC and Atlético de Madri, among many others.
See also: Digital Assets Association launches to connect tradfi and tokenised real world assets
Asia has dominated crypto adoption globally, with six of the top 10 countries in Chainalysis’ 2022 Global Crypto Adoption Index based in Asia. Vietnam held the top position for the second consecutive year, while the Philippines, India, Pakistan, Thailand and China held the 2nd, 4th, 8th, and 10th position respectively.
The blockchain analysis company noted that while growth has become more sporadic with the onset of the latest bear market, global adoption remains well above the levels that preceded the 2020 bull market. “The data suggests that a critical mass of new users who put capital into cryptocurrency during periods of price growth tend to stay even when prices decline, allowing the ecosystem to consistently grow on net across market cycles,” it added.
