Saturday, February 3, 2018

In the midst of Thursday and Friday's bloodbath in cryptocurrencies, only a gold backed one gained value out of the top 100

There are some analysts who have been touting that Bitcoin and other cryptocurrencies are the 'New Gold' as investment in the sector has taken away some monies that would have previously gone into the precious metal markets.  However there was an interesting event that occurred late last week when nearly all cryptocurrencies declined in a bloodbath that lost over $100 billion in market cap for the sector.  And that was that only one cryptocurrency in the top 100 actually gained value while everyone else declined.

And what was that single crypto that stood out among the onslaught of last Thursday and Friday?

A gold backed one.

The once-obscure cryptocurrency DigixDAO (DGD) backed on gold, has rocketed in value since Thursday as investors scurry to shelter with cryptocurrencies across the board bomb in value. 
In the last 24 hours, the cryptocurrency market has been devalued by $100bn as concerns over regulation and price manipulation on the major exchange, Bitfinex, started a rout on Thursday morning. This has been reflected in major cryptocurrencies, like bitcoin, ethereum and ripple tanking in price. 
However, as the market route began DGD was the only coin out of the top 100 coins to actually increase in value. On Thursday afternoon, DGD reached a record high of $295.39 and by Friday morning the coin was trading at highs of $433.72, a 54% increase compared to the coin’s value at the beginning of Wednesday. – Market Mogul


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