Asian Cryptocurrency Trading Update: Gold Backed DigixDAO Defies Selloff

After a number of days of bullish momentum crypto markets have slid again as soon as once more quashing hopes of any actual restoration. The selloff began yesterday throughout the US session and has continued into right this moment as all positive aspects since Friday have been worn out. Bitcoin has led the decline by falling Three.5% on the day to $7,430 and Ethereum has taken a much bigger hit dropping 5.5% to $585. No information has initiated the autumn; it has simply change into an anticipated symptom of a sideways market. Altcoins are predictably within the crimson this morning in Asia, and simply as predictably the one one which performs effectively throughout a selloff is DigixDAO.

All the things within the high 25 has plummeted in keeping with Coinmarketcap. To seek out an altcoin within the inexperienced now we have to go means down the record to identify 50 the place DGD is buying and selling 17% larger. Gold primarily based DigixDAO is at the moment buying and selling at $165, up from $142 this time yesterday. Over the week it’s up 36% from $123 this time final Tuesday.  The previous month has not been good for DGD nevertheless because it has misplaced 35% from $260 this time final month. Towards Bitcoin it’s up 23% on the day to 2267700 satoshis from 1845000 sats this time yesterday. Weekly positive aspects on BTC have been 31% from 1726000 satoshis this time final week.

Gold backed Ethereum token DigixDAO all the time appears to defy the selloff and carry out effectively when all different cryptos are plummeting. In an identical sample to gold versus fiat it has change into considerably predictable and merchants are loading up.  The Digix Gold Token DGX was listed on Airswap just a few days in the past however this present pump is prone to have been attributable to inverse motion on different altcoins.

Binance at the moment takes the lion’s share of DGD commerce with round 86% of the entire quantity, most of that in BTC. That quantity has rocketed up from $1.6 million to $33 million over the previous 24 hours as traders dump Bitcoin and alts and get into what they understand to be a extra secure digital asset. Presently simply outdoors the highest 50, DigixDAO has a market cap of $330 million.

Complete market capitalization for all cryptos has fallen for the primary time in virtually every week. The upward momentum couldn’t be maintained and the bears have overwhelmed the bulls on this occasion. $20 billion has left the market up to now 24 hours and issues have fallen by 5.7% to $332 billion. As now we have seen many instances earlier than Three-Four day’s positive aspects are obliterated in only one. All different altcoins are dropping throughout Asian commerce this morning, these taking the largest beating are Bitcoin Money, EOS, Icon and Lisk.

Extra on Digix might be discovered right here: https://digix.world/

FOMO Moments is a bit that takes a each day take a look at the highest 25 altcoins throughout the Asian buying and selling session and analyses one of the best performing one, searching for developments and potential fundamentals.

About Tom Greenly

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