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DigixDAO: The Only Light in a Sea of Red

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DigixDao (DGD) advanced briskly on Saturday, confounding a broad downtrend in the cryptocurrency market that dragged most of the top-30 coins lower.

DGD Price Levels

DGD rose more than 22% on Saturday, reaching $390 per token, according to data provider CoinMarektCap. The cryptocurrency was up nearly 26% against bitcoin and more than 23% versus ether.

At current price levels, DGD has a market cap of $779 million based on a circulating supply of 2 million coins. That’s enough for 30th place among active cryptocurrencies in terms of overall market cap.

Trade volumes in the last 24 hours reached $77.3 million, with the vast majority of the trades being placed on Binance against bitcoin. Between bitcoin and Ethereum, Binance processed roughly 86% of the daily trade volume.

DGD has rebounded more than 83% from its recent swing low, but is still trading 14% below its all-time settlement high of $456.44 on Feb. 2.

Beating the Market

DigixDAO’s native coin has been rising gradually even as a week-long pullback in the crypto space shaved tens of billions of dollars off the collective market cap. This isn’t the first time DGD has outpaced the market. Three weeks ago, Hacked reported impressive gains for the cryptocurrency as virtually every other digital asset in the top-100 declined double digits.

At the time of writing, the total market cap of all cryptocurrencies was $430.5 billion, down 3.4% from the previous day and 6.7% from the intraday high of $461.6 billion.

Aside from DGD, Ethereum Classic was the only cryptocurrency in the top-30 to report gains on Saturday.

DAO Platform

As a Distributed Autonomous Organization (DAO), Digix was part of Ethereum’s first public crowdraise all the way back in 2016. The token raise launched in March of that year and reached its crowdfunding goal of $5.5 million in 12 hours.

DigixDAO is often referred to as a gold-backed cryptocurrency, but this only applies to its DGX token. The company operates two tokens, with DGX supposedly pegged to one gram of gold. Gold futures are up more than 15% year-to-date on a tumbling dollar and wavering risk sentiment.

Unlike most digital currency systems, the DAO protocol gives investors a voice in the company’s decision-making process. Depending on how the DAO is structured, investors can vote on how funds are deployed or which business proposals it entertains.

Ethereum founder Vitalik Buterin is planning to make DAOs central to future crowdraises. This will be accomplished by a new protocol called “DAICO,” or Decentralized Autonomous Organization Initial Coin Offering. Gaming platform The Abyss recently announced it will be the first company to utilize the DAICO model.

Through DAICO, companies can encode specific rules into their crowdfunding campaigns, such as KYC/AML requirements and investor approval for accessing project funds. The specifications behind DAICO were first laid out in January blog post penned by Buterin.

No other project has announced plans to utilize the DAICO model, although this may soon change as demand for transparency continues to grow.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 704 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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EOS Price Analysis: EOS is Set Up for Bigger Gains, Following Recent Technical Development

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  • EOS has jumped around 45% between the sessions of 15th – 17th December. 
  • Bulls shrug off all negative related news flow that has surrounded EOS in recent weeks.

The EOS/USD bulls are on a serious mission to recovery. Unlike several of its peers, a slowdown in momentum has not been seen with the EOS price. More importantly, a breakout has been observed from a range-block, of which EOS/USD was confine within. This had been the case since the 7th December, managing to escape however on 17th and capitalize further on that.

EOS Shakes off Negative Commentary

Over the past few weeks, there have been several negative bits of news flow. Recently, as covered by Hacked in a prior article, the Cardano founder, Charles Hoskinson, had a fair few words to say about EOS. He had noted that action from regulators was potentially right around the corner for EOS. Hoskinson had specifically raised concerns about the EOS token sale.

Elsewhere, it was recently covered by Chinese press that EOS decentralized apps (DApps) have been victim to hacks totaling around $1 million since July. The report cited data which was collected by PeckShield, who are a blockchain security organization. This suggests that the DApps on EOS have been hit by at least 27 breaches from July up to late November. This is an amount of 400,000 EOS, equivalent to 8 million yuan, at the time of the published report.

Lastly, at the back-end of last month, there was some FUD surrounding the CTO of Block.one, Daniel Larimer. The community and social media space were concerned about Larimer working on new projects. This prompted worries that he may be leaving EOS, keeping in mind the EOS mainnet hadn’t even reached a year.

EOS has pretty much shrugged much of this FUD off, as seen with this latest rally. It has far outperformed its peers with the big gains collected over the past two sessions.

Technical Review EOS/USD

EOS/USD daily chart

EOS/USD had a decent extension to the upside after breaching the confinements of the detailed range-block.  The bulls initially jumped a chunky 45% over the period of 15th to the 17th December. However, into the session on Tuesday, the price has run into some minor resistance, seen at the 4th December high area. This can be noted within $2.60 territory.

The pullback being observed at the time of writing isn’t too much of a surprise, given the burst higher in such a short time frame. Profit-taking is only natural in this case. It is a minor retreat ahead of further potential moves north. Eyes will be on the breached range-block for support, the top of that seen at $2.18.

Should the bulls gather enough momentum for a push above the minor near-term resistance seen, then a fast 60% move could be seen. This would take EOS/USD back towards $4.40, where another minor supply zone is observed. Further north, a reclaim of the pre-November fall levels, i.e., $6 territory, is the next major target.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 88 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Ethereum Price Analysis: ETH/USD Not Out of the Woods Yet

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  • ETH/USD odds are still stacked against the bulls for now, as price remains within range-block.
  • Ethereum co-founder Vitalik Buterin, says his creation is becoming more and more decentralized.

ETH/USD has enjoyed a chunky bull run over the past three sessions, with that slowing down Tuesday. Between the 15th – 17th December, the price had gained a chunky 23%. ETH/USD hit its highest level seen since 9th December. It appears the bulls, however, have run into a near-term barrier. ETH has been moving within a range-block from 7th December, which is still the case. The momentum so far not proving to be enough to take the price through for now.

Ethereum More Decentralized – Vitalik Buterin

The co-founder of Ethereum, Vitalik Buterin, discussed how the network is becoming more decentralized of late. He was recently speaking in an interview with Blockchain Insider.

Buterin believes that a change is starting to be seen in terms of the further decentralization of the Ethereum blockchain. He believed that it was much too centralized around himself. He further affirmed the observations over the last 12 months of governance actions, which were he suggested were responsible for this.

The Ethereum creator said, “Number one, like a lot of the features in the Constantinople hard fork, that are launching in January, basically happened without me. Number two, issuance reduction from 3 ether to 2 ether which is going into Constantinople, I was not involved at all.”

Only just some days ago, a team lead within the Ethereum development circle, Péter Szilágyi, confirmed the scheduled update. This was covered by Hacked in a prior article. He had noted the upgrade is to start around 16th January 2019.

Ethereum 1.X Update

Focus outside of the Constantinople hard fork is on Ethereum 1.X. This will be a new developed update, which is anticipated to take place during June 2019 provided there are no delays.

Buterin said, “Ethereum 1.x, short-term scalability improvements that are going on to the main chain, before we can switch over to sharding. That whole effort started without my involvement at all.” The update is supposedly a replacement of the EVM – Ethereum Virtual Machine.

Technical Review – ETH/USD

ETH/USD daily chart

As detailed earlier, ETH/USD has been moving within a range-block. The upper part of this recent range appears to have slowed down the bulls. The key levels to this block for now, seen at $101 to the upside, and $83.45 to the downside. It is as simple as depending on which area is broken that shall determine the fate of the trend.

Despite the enormous jump of around 16% for ETH/USD, the fact of the matter is the odds are still stacked against the bulls. This being the case so long as the price remains confined within the detailed formation above.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 88 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins Share Spoils; Ontology, DigiByte, Revain, EOS Take Moonshots Amid Market Surge

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Most major altcoins helped themselves to +10% gains during Monday’s market recovery – a surge which saw the global market cap climb 12% overall, and sent Bitcoin back to the $3,600 range.

Several altcoins raced ahead of the pack, logging between 20% and 107% gains for the day, with DigiByte (DGB), Ontology (ONT), Revain (R), MOAC (MOAC), EOS (EOS) (covered earlier) and Arbitrage (ARB) most prominent among them.

DigiByte Price – DBG/USD

From the daily low of $0.008336, DGB’s dollar value climbed just over 22% up to $0.010210, with the peak landing at around 20:30 UTC.

DigiByte volumes doubled over the course of the day – ahead of the 50% volume increase experienced by the market in general. Still without a Binance listing, despite a long and messy mud-slinging process between Jared Tate and Binance’s CZ, the majority of DGB’s action came from Bittrex, Poloniex and Sistemkoin. Over 75% of all trades came against BTC.

Ontology Price – ONT/USD

Ontology climbed to 31% growth from trough to peak, moving from a coin price of $0.460371 up to $0.605721.

Ontology fell 95% since January’s peak, landing at an ATL (all-time low) in the $0.40 range on December 15th. As one of the NEO platform’s most successful token launches, ONT has literally never found itself at such low prices in its short nine-month existence.

Over 60% of ONT trades went through USDT on Monday, with Binance, Huobi, DigiFinex and OKEx making up close to 80% of overall movements.

Revain Price – R/USD

Revain shot to 61% growth in little over twelve hours, climbing from a coin price of $0.129126 up to $0.208672 by Monday afternoon. Since then the token price fell back to the $0.173 range – a more than 25% pullback.

Despite its relatively unknown status, Revain has averaged daily trade volumes of $2.5 million for the last two quarters of the year – an average volume higher than many coins and tokens in and around the top thirty.

MOAC Price – MOAC/USDT

Just over 99% of MOAC’s trade volume came from one exchange and one trading pair today, namely the MOAC/USDT market on CoinBene.

From the daily low of $0.431884, MOAC climbed 55% against the dollar, landing at a peak of $0.669675. Trade volumes more than quintupled throughout the day, rising from $25,000 to close to $130,000.

MOAC fell 98% from its all-time high back in February, just a month after launch. December 14th marked an all-time low for the coin when it fell to the $0.32 range, from an all-time high of $18.46.

Arbitrage Price – ARB/USD

ARB volumes rose 1,633% in the last two days as the token price climbed 107% from $4.13 to $8.56.

All 100% of ARB’s trades came from just one exchange – CoinExchange, where ARB/ETH made up 93% of the action. ARB/BTC made up the rest.

Arbitrage launched in Q3 of 2018, and went relatively under the radar until a near 1,000% surge in October put it on the map, and in the market cap top hundred.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 106 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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