With the weekend behind us, it appears most cryptocurrency markets will slowly start recovering lost value again. So far, nothing in the top twenty stands out exactly, but further down the list, we see the DigixDAO price ramp up pretty quickly. With a current value of $417.27, the DigixDAO price has reached a new all-time high.
DigixDAO Price is Surging Hard
It is quite interesting to see how far some of the older cryptocurrency projects have come in the past few months. While most people have seemingly paid little attention to the DigixDAO project, even though it has a lot of potential. It now seems the market is slowly waking up to this project’s potential, as the DigixDAO has effectively surged to $417.27 over the past 24 hours. This effectively marks a new all-time high for the DigixDAO price, as the previous record was just above $400.
While it is a bit unclear what is driving this current trend, it shows there is a lot of interest in what the picture has to offer as of right now. Over the past year, we have seen the DigixDAO price rise since $10 all the way to $400 in quick succession. Such spectacular returns are not uncommon in the cryptocurrency world, and it does show there is a valid reason to effectively pay attention to cryptocurrency outside of the top 15 as well.
With the DigixDAO price now rising to over $415, it will be interesting to see what the future will hold for this particular currency. This current 17.99% gain represents a 19.69% gain over Bitcoin, as well as a $16.67% gain over Ethereum. These price surges should not be taken lightly either, as it goes to show there is a lot of profit margin in the altcoin industry as well. Whether or not the DigixDAO price will continue to rise, is a different matter altogether, though.
With just $62.25m in 24-hour trading volume, it has become evident DigixDAO is not the most liquid altcoin market by any means. Even though that doesn’t have to be a big problem, it does show people holding millions worth of DigixDAO will have difficulties in cashing out their profits in one go without crashing the market altogether. Whether or not investors will cash out profits in the short term, remains to be determined.
As of right now, Binance is the go-to market for DigixDAO trading. Given this exchange’s position in the altcoin sector, it is evident Binance is the go-to solution for most currencies that are not Bitcoin or Ethereum. Binance’s BTC and ETH trading markets are dominating the market, combining for a total of 87.2% of all DigixDAO trades. Huobi is in third in fourth place, followed by OKEx in fifth and sixth place. An interesting collection of exchanges, to say the very least, but so far, it seems to work for the DigixDAO market.
For the time being, we will have to wait and see what the future holds for the DigixDAO price. With this new all-time high in place, it seems normal to expect a major retrace in the very near future. Even so, there is never any guarantee as to how cryptocurrency markets will evolve. It is possible the DigixDAO price will hit $500, for all we know, but it might as easily go to $300 or less. Volatility is still a big problem across all markets as of right now.