Maybe you have suspicions. Perhaps you suspect that at long last the bulls have arrived in the cryptocurrency market. There’s plenty of evidence to that. Bitcoin went above USD 8k over the weekend; it dragged the rest of the crypto verse along with it so most coins are in green numbers and it seems that no digital asset lacks momentum.
So with a few exceptions, every digital currency is doing very well lately. Digibyte (DGB) seems to be one of those exceptions. It’s gone up by 7% in 12 hours, and, over the last 24, it’s lost almost 2% though. By contrast, plenty of other cryptocurrencies have been trading in double-figure green numbers.
How to interpret this situation? Is Digibyte (DGB) a bad investment? Not at all. Some altcoins have fared very well over the last few days, but if you look at the altcoin space as a whole, the big picture will show you that the altcoin’s real momentum is yet to arrive.
Bitcoin is the drive behind the crypto verse’s behavior, as usual. It’s gone from USD 4,5k to USD 8,0k in six weeks. The rise of the mother and father of all digital currencies didn’t affect the altcoin market for weeks, which was something of an anomaly pointed out by many analysts. So if you put DGB’s behavior in this context, there’s nothing weird or negative going on. That’s how most altcoins have behaved against BTC’s surge, except for a lucky handful of assets that have reacted quickly.
DGB’s time is about to come
That is not to say that altcoins will keep somehow isolated from Bitcoin’s rise. As long as BTC keeps soaring, the whole market will keep going up as well, and the altcoins of the world will join. It will happen for sure and, when it does, Digibyte will go up as well. So the current scenario isn’t harmful or tragic. On the contrary, it’s an excellent opportunity to buy cheap and rip the benefits when the altcoin rally comes.
And let’s not forget that market traction isn’t everything. Fundamentals matter a great deal too, and DGB enjoys some of the best fundamentals in the market. Its degree of decentralization is among the highest in the crypto verse (it boasts 200k nodes scattered all over the planet). It includes five mining algorithms, and because one of them is Odocrypt (a hashing algorithm exclusive to DGB), it can’t be mined using ASIC hardware.
Because mining with specialized hardware is impossible in the DGB world, the field is leveled for miners, which means that decentralization is guaranteed in the long-term. This is in stark contrast with, say, Bitcoin, which is currently mainly mined in China because that’s where most ASIC manufacturers and buyers are. The high decentralization degree in the network also makes it way safer than almost any other cryptocurrency on the planet, and that feature alone could make it attractive for investors.
So the bulls are not in the DGB field yet. That makes of this moment the time to accumulate it, and then enjoy the benefits when the rally begins.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.