After many months in the red, Digibyte is finally responding to the bullish pace that Bitcoin has set in the market. It is now back in the top 50s and continues to gain upside momentum. If it continues with the current momentum, then DGB investors have something to smile about. That’s because, its price action could be indicative that it is trading in tandem with BTC, and is catching on the bullish sentiment earlier than most altcoins. This gives DGB lots of room to grow going forward, especially if BTC goes parabolic from this point on.
Chances of such a scenario are quite high. Bitcoin (BTC) has been consistently going up ever since it dropped to $3100. Its upside momentum has been consistent in spite of lots of reasons to reverse such as the Binance hack, and the Bitfinex-Tether lawsuit in the U.S. Now that BTC is back above $8k, confidence could return and help push it back to 2017 levels. For altcoins like DGB that are gaining momentum alongside BTC, the result could a significant increase in price in the near-term, that could easily culminate in a return to all-time highs.
Besides, DGB is no random altcoin. There are lots of fundamentals supporting its price besides BTC-driven FOMO. One of them is its decentralization. The crypto market is largely made up of centralized tokens that have little to do with what blockchain technology is all about. Most of them are money grabs, pump and dump schemes that have very little in terms of fundamentals. Digibyte (DGB) is one of the few that adhere to the ideals of Satoshi Nakamoto in the Bitcoin white paper. In fact, if one was to check boxes blindly on cryptos, based on that white paper, one may end up picking Digibyte instead of BTC. Its decentralized nature means that it is secure and can never be altered to suit anybody’s interests. This makes it sound money, and this is a factor that will play a role in giving investors’ confidence as bullish momentum engulfs the market.
On top of that, Digibyte (DGB) is taking measures that further add to its intrinsic value. For instance, Odocrypt is meant to ensure that ASIC miners cannot build miners that are specific to DGB, and potentially take control of the DGB network. Digibyte is also adding privacy capabilities, which is a major step towards fungibility. These are big steps that will add to DGB’s potential to be adopted as a payment’s crypto. As more people get to learn of DGB and its capabilities in the market, its value stands to rise significantly.
That’s not forgetting that DGB has amazing features like DigiID that will add to the hype as bullish momentum rises. In essence, DGB at current prices is highly undervalued when you factor in its potential, if the market goes parabolic from this point onwards. It’s a gem in a market with lots of worthless stones.