Take a look at the daily chart for DigiByte (DGB) and you’d be forgiven for thinking that the coin is in some real trouble right now. At the most recent listing, DGB went for in and around $0.03 a piece, putting it at 58th by market capitalization in the cryptocurrency and token world and serving up a market cap of juts under $301 million.
Compare this to the $0.13 a piece and the market cap of $1.25 billion recorded just a few weeks ago and the in-trouble thesis becomes a little stronger.
Here’s what we think about the situation:
Don’t trust the chart.
This is a coin that’s fallen purely because the wider industry has taken a hit. As the phrase goes, a rising tide helps all boats float and the same is true in reverse – right now, we’re seeing some of the smaller boats sink because the wider cryptocurrency tide is falling.
Heading into the dip, however, DigiByte was really starting to gain some traction.
For anyone that’s not come across this coin before, DigiByte is a transaction focus coin that’s essentially trying to do what bitcoin (BTC) was once pitched as having the potential to do but that now looks like it’s never quite going to achieve – become a seamless transaction-type asset and oust fiat currencies as a value transfer vehicle.
It’s like bitcoin but there are a few built-in differences between that protocol on which bitcoin (and Litecoin) rests and that which powers DGB.
For one, it’s far more scaleable, with up to 2,000 transactions per second possible by 2020. Second, it’s much, much faster than bitcoin, with block times at 15 seconds (as compares to the 10 minutes of bitcoin). It’s also difficulty adjusted in real time, as compares to the two-week delay adjustment built into bitcoin (making it more adaptive) and, finally, there’s a supply cap of 21 billion units, as compares to the 21 million cap for bitcoin.
This makes it far more manageable at scale, in the sense that smaller denomination tokens can be used to facilitate a viable transaction process, as opposed to using three or four decimal place transactions.
All this is great, but it’s nothing new. Why are we going on about DigiByte right now?
Well, here’s the thing.
The company announced at the end of last week that it’s secured a PR company called Tom Cridland Public Relations to help it expand into the mainstream consciousness. The company is set to accept 300,000 DGB (which was committed to the cause by the community, by way of the DigiByte Foundation), in return for its PR services and the deal will start pretty much immediately.
So why is this a big deal?
Until now, DGB has risen in popularity based on internal traction and market attention. It’s not had a company pushing it into the sphere of awareness of both the crypto world and the wider markets – until now.
With this support in place, we expect DigiByte not only to pick up a whole new layer of public market support but that the coin will bring in a wave of speculative demand that’s seeking exposures to those coins that have incredible potential but that are trading down right now on the back of wider market weakness.
Bottom line here is that this coin has done well to get to its current level on its own but that the PR firm should take it to the next level. This would be a buy signal for a coin that wasn’t down 76% over the last few weeks. Combine it with the just mentioned dip and things become even more attractive.
We will be updating our subscribers as soon as we know more. For the latest on DGB, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of DigiByte
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…