Once again a gold backed cryptocurrency is defying the market as Bitcoin and other cryptos hemorrhage value and market cap
TheDailyEconomist.com
6/6/2018
There is occurring an interesting investment scenario for those who study trends, fundamentals, and technical charts, and it involves two differing types of cryptocurrencies.
Just as in the Forex market where normally currencies and precious metals act in opposition to one another, ie… when the dollar goes up, gold and silver go down and vice-versa, this same type of actions is starting to show itself between the unbacked cryptos and the ones backed by a resource like gold.
After several days of bullish momentum crypto markets have slid back once again quashing hopes of any real recovery. The selloff started yesterday during the US session and has continued into today as all gains since Friday have been wiped out. Bitcoin has led the decline by falling 3.5% on the day to $7,430 and Ethereum has taken a bigger hit dropping 5.5% to $585. No news has initiated the fall; it has just become an expected symptom of a sideways market. Altcoins are predictably in the red this morning in Asia, and just as predictably the only one that performs well during a selloff is DigixDAO.
Everything in the top 25 has plummeted according to Coinmarketcap. To find an altcoin in the green we have to go way down the list to spot 50 where DGD is trading 17% higher. Gold based DigixDAO is currently trading at $165, up from $142 this time yesterday. Over the week it is up 36% from $123 this time last Tuesday. The past month has not been good for DGD however as it has lost 35% from $260 this time last month. Against Bitcoin it is up 23% on the day to 2267700 satoshis from 1845000 sats this time yesterday. Weekly gains on BTC have been 31% from 1726000 satoshis this time last week.
Gold backed Ethereum token DigixDAO always seems to defy the selloff and perform well when all other cryptos are plummeting. In a similar pattern to gold versus fiat it has become somewhat predictable and traders are loading up. The Digix Gold Token DGX was listed on Airswap a few days ago but this current pump is likely to have been caused by inverse action on other altcoins. – News BTC
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