Crypto markets are bleeding this morning as we hurtle towards a new monthly low. Google’s decision to ban advertising, while at the same time investing in a crypto company, has caused a wave of panic selling once again. Bitcoin is leading the charge of the bears by shedding 14% in the past 24 hours and dropping below the key $8,000 level. Altcoins are all tanking and only one is in the green this morning, DigixDAO.
According to Coinmarketcap DGD is trading just over 4% higher during the morning’s Asian trading session. It is the only altcoin in the green in the top 100 where many have crashed by over 25% in the past day; it is another bloodbath in crypto land. The markets are rapidly approaching the big dip of February 6 when total capacity fell to $280 billion, at the moment it is $315 billion. Over $60 billion has been taken out of the crypto market in just 24 hours, when things fall they fall fast and hard.
DigixDAO has performed well in times of adversity before. It is currently trading at $340, up from $330 this time yesterday. In terms of BTC it is performing even better, jumping 20% to 4328870 satoshis from 3604810 sats this time yesterday. This coincides with Bitcoin’s big slump over the past few days.
A recent Medium post highlights the latest dev updates where the team is getting ready for Mainnet, Kyber Network exchange, and UI Improvements for public. Digix is also changing the name of their proprietary protocol from “Proof of Asset (PoA)” to “Proof of Provenance (PoP)”. New developments to this gold based crypto have kept it afloat when all others are sinking.
DGD is traded predominantly on Binance which has 80% of the trade volume. Over the past 24 hours $37.5 million has been traded in DGD putting its market capacity at $680 million. Other altcoins have all been battered this morning with Cardano, Stellar, Nem, Iota, VeChain, Lisk, Nano, and Icon all taking a hit of over 20%.
More on Digix can be found here: https://digix.global/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.