The overall cryptocurrency market is showing a bearish momentum in the last 24 hours as the prices of the coins and tokens dipped across the board. At the top of the chart, Bitcoin has lost 3.15% in the last 24 hours to trade at $7436 USD with Ethereum drowning even further at $586 USD, a 4.72% drop since yesterday. The drop quickly spread across the other cryptocurrencies which heavily require BTC and ETH as trading pairs.
Looking further down the charts, the first green lit token returns seen is Digix DAO (DGD) with an increase of 12% in the last 24 hours. This is an incredible achievement for a coin ranked 51 spots below BTC on Coinmarketcap’s ranking. Only Huobi Token (HT) performed better in the top 100 coins with a 15% daily increase.
This has been the story of DGX, the gold backed token every time we witness a fall in price in the overall cryptocurrency market. The token acts as a hedge with its price swindling in opposite directions to most of the other cryptocurrencies on the charts.
DGD is currently trading at $159.19 USD, representing a 12.21% in price since yesterday. The Ethereum based token, performed even better against Bitcoin increasing by 15% in the last 24 hours. The token increased from 1854491 satoshis to 2141010 satoshis over the day as BTC’s price fell further below $7500. DGD however has seen its overall price plummet in the last 30 days from $262 USD per token its current price representing over $100 USD loss per DGX owned. The coin is however gradually improving to cross the $160 mark for the first time since May 24th.
DigixDAO (DGD) is traded on approximately 11 exchanges with Binance controlling over 80% of the total daily volume traded. The DGD/BTC pair on the exchange holds 74.13% of the total volume with DGD/ETH amassing 12% of the trades on Binance. The daily volume traded worth of DGD stands at $34,610,200 USD as per Coinmarketcap listings.
The developers issued a total of 2,000,000 DGD tokens, each backed by gold stored in Singapore reserves. This is to ensure the relative value of the cryptocurrency remains relatively stable compared to gold. The total market value of the coins stands at $318,382,000 USD worth of DGD tokens.
The release of the DigixGold (DGX) token in April is one of the major price movers in this Q2 2018. The token aims at providing a more stable unit of value with minimal volatility which can be used for retail, salaries, trade, wealth management among other use cases, a reserve of the traditional fiat currencies. DGD has also seen positive effects in its price in May as they announced a partnership with Olympus Labs.
Current forecasts project that the DGD coin will reach $200 by the end of the quarter as the total cryptocurrency market regains power. Bitcoin on its part broke the support level showing that the coin is headed for a bullish momentum in the next few days. We will wait and see the impact a rise in BTC will have on DGD as previous charts show the effect as ambiguous.