The crypto correction is in full effect this morning as Asia joins the big selloff. Upward progress is slow and steady but when markets fall they drop fast. Total market capitalization has fallen well below $450 billion and continues to slide. Bitcoin never made it to $10k and has retreated back 5.4% to $9,340 this morning. Altcoins have made heavier losses, Iota is suffering the most falling 13% on the day. Everything is in the red at the moment as traders take profits from the recent run, and only two cryptocurrencies are in the green in the top 50 at the time of writing and they are Golem and DigixDAO.
A sea of red faces those looking at Coinmarketcap during this morning’s Asian trading session. However, as we have seen many times before DigixDAO has defied the selloff and has actually made gains, today it is up 6.5%. Currently trading at $273, up from $257 this time yesterday, over the week DGD has been flat trading at exactly the same level this time last Monday. The monthly chart has seen a 28% gain for DigixDAO which is way behind a lot of the other altcoins showing three figures on the month. Against Bitcoin which has fallen, DGD is up 13% on the day to 2956000 satoshis from 2614000 sats this time yesterday. Weekly gains on BTC have been marginal and over the month DGD has actually lost 4% from 3121000 satoshis this time last month.
This gold based cryptocurrency always seems to perform well when all other altcoins are bleeding. In addition to this time tested pattern, Olympus Labs and Digix have partnered to bring tokenized gold DGX into the Olympus ecosystem as revealed by a recent tweet and medium post. DGD was also listed on the decentralized Kyber Network last week which has increased trade options.
Binance controls the majority of DGD trade with just under 90% of the total, and Huobi takes second place. Total trade volume has jumped 400% from $3.8 million to $19 million in 24 hours. DigixDAO has a market cap of $546 million which ranks it down in 46th spot.
Total crypto market capitalization has declined 7.46% over the past 24 hours wiping out the past three day’s gains in less than one. Current levels are around $435 billion, so this could be just an expected market correction. If markets continue to fall below $400 billion we could be in for another bear run.
The only other altcoin in the green today is Golem which is up just under 4% on the day. All others have lost, many in double figure percentages with Iota, Ripple, Neo, Dash, OmiseGO, and Bitcoin Gold getting hit the hardest during the Asian trading session.
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 possible fundamentals.