Asian Cryptocurrency Trading Update: Gold Backed DigixDAO Defies Selloff

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.

Binance currently takes the lion’s share of DGD trade with around 86% of the total volume, most of that in BTC. That volume has rocketed up from $1.6 million to $33 million over the past 24 hours as investors dump Bitcoin and alts and get into what they perceive to be a more stable digital asset. Currently just outside the top 50, DigixDAO has a market cap of $330 million.

Total market capitalization for all cryptos has fallen for the first time in almost a week. The upward momentum could not be maintained and the bears have beaten the bulls in this instance. $20 billion has left the market in the past 24 hours and things have fallen by 5.7% to $332 billion. As we have seen many times before 3-4 day’s gains are obliterated in just one. All other altcoins are dropping during Asian trade this morning, those taking the biggest beating are Bitcoin Cash, EOS, Icon and Lisk.

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.

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