The volatility of the crypto market appears to continue keeping investors away for longer as prices continue to drop for most coins. The market has been punctuated by loses and gains but DigixDAO (DGD) seems to be going against all odds to resister double digit gains in the last few hours.
The price spike comes at a time when there is no excitement on the platform but the coin price has been on the rise for the last 7 day. A close look at the market reveals that the price is on the rise but the volumes, which are largely coming through Binance exchange, do not reflect on the spike. This could be a worrying trend for the DGD holder leaving many wondering whether the momentum will hold long.
DigixDAO Uniqueness in the Market
At the moment, there are no major developments on the network however its uniqueness in the market could be the reason behind the price surge. DigixDAO rides on the Ethereum platform and its key focus is tokenization of assets. The outfit is still in beta stages. It is clear that the demand for assets is on the rise and the coin stands to reap big given there is no much competition in the market.
DGD uses the proof of asset protocol for its unique digital tokens for gold and with the gold price appreciating in the market and BTC price still struggling below the $7000 mark, heading the DGD way appears only logical for most traders looking for an easy exit way to the gold market.
DigixDAO Price Change in the last 24 Hours
For the first time in the last 7 days, the DGD price surged towards the $50 threshold after hitting a high of $49 which represented a growth of 24.86%. The growth cut through the BTC, ETH and USD market. However, the price appears to be easing off at press time and the coin traded at $44.63 after registering a 13.86% growth against the dollar, 12.57% to BTC and 13.07% to Ether.
The coin has seen a total of $3.395million change hands with Binance pushing 2.4million of the DGD/BTC pair which represents 70.70% of the total volumes and DGD/ETH registering 16.85% of the volume from the same exchange. Binance has always remained a big boost for volumes in the market and its leadership in pushing DGD is no surprise.
Binance DigixDAO DGD Pump?
The DGD price pump coming through Binance can be highly suspect given that on two pairs appears to have contributed 87% volumes in the market from a single exchanges. It is true that Binance is an influential gateway and critics will be proved wrong if the price and volume hold long enough.
The volume trade is on the lower side given to the price pump of 25% but the coin has been a gainer in the last 7 days and inflating prices from a select exchange is very normal and easy in the crypto verse and Binance is no saint. However, the unpredictable nature of the market could also have pulled a surprise on DGD.
The DGD price surge will see the coin stick to the green territory for the next 24 hours and the price retraction might have negative effect on the coin’s current gains. It is a wait and scenario and the DGD price might enter a new week on a high in a market that is punctuated with unpredictable loses. For the short term speculators and trade timers, this could be a good chance to sell their DGD