The month leading up to July 1 was rather uneventful for the crypto universe, but not for DGTX! Yesterday’s KuCoin listing announcement, together with a boost to trader numbers above 1000, provided a stellar end to the month with a spectacular 15.9% gain compared to June 1.
Elsewhere, the financial markets continue to remain focused on COVID-19 in terms of how the pandemic will impact the global economy. The rest of the major cryptocurrencies turned in a rather poor performance for the month. As you can see from the table, only three tokens were able to generate a positive rate of return with DGTX obviously the big winner.
Crypto Results For June
|Cryptocurrency||June 1||July 1||% Change|
Digitex Delivers On Its Promise
Digitex continues to onboard new traders to its state-of-the art trading platform, exceeding 1,000 mainnet users as of last week. The transition from testnet to mainnet has been very successful – so much so, that the DFE will be aggressively increasing the number of mainnet users from now on, aiming for 30,000 by the time of the public launch. This validates the fact that Adam Todd and the entire Digitex team have delivered on their promise to provide a cutting edge trading experience on a zero-fee exchange.
As you can see from the performance table, DGTX has rewarded its HODLers with a substantial rate of return during the past 30 days. Why did the native currency generate such a dramatic rally? Because DGTX has finally gained the recognition to become listed on a major global crypto exchange.
Crypto traders can now access the DGTX token on KuCoin, which is one of the fastest-growing crypto exchanges, with over five million users. The KuCoin listing is another example of Digitex’s commitment to deliver on its promise to make Digitex one of the premier leaders in the crypto futures exchange industry.
The future is bright at Digitex.
DGTX has the potential to move sharply higher. Please review the Fibonacci levels.
DGTX Fibonacci Price Levels
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|Level 5||Level 6||Level 7||Level 8|
Reviewing the Month in Crypto – Why Is Ethereum Outperforming Bitcoin?
Without question, Bitcoin is the undisputed leader of the crypto universe. BTC was the first cryptocurrency to enter the mainstream media. It easily dominates the digital asset ecosystem by controlling 64% of the market capitalization of all cryptocurrencies. When people discuss cryptocurrencies, they are usually referring to Bitcoin.
However, just because BTC is the most popular cryptocurrency does not necessarily mean that it is the best performing digital asset. Bitcoin enjoyed a dramatic rally in 2017, easily outperforming all cryptocurrencies.
Nevertheless, during the past 2 ½ years, BTC has struggled to regain its momentum. Although the price of Bitcoin has risen in 2020, it has been outperformed by several cryptocurrencies, most notably Ethereum (ETH).
For example, ETH has increased by 68.4% during the past three months versus 36.2% for BTC. During the past six months, ETH has dramatically outperformed BTC. The numbers are 82.3% for ETH versus 27.6% for BTC.
Why has Ethereum outperformed BTC in 2020? More importantly, will this trend continue? Let’s examine the details.
Why Investors Are Bullish on ETH
Unlike Bitcoin, developers can program Ethereum to build new kinds of decentralized applications. Once these applications are uploaded to Ethereum, they will always run exactly as programmed. During the past few years, thousands of developers all over the world have been building applications on Ethereum.
Now, more Fortune 500 companies use Ethereum than any other cryptocurrency for their blockchain projects. Digitex also relies on the Ethereum blockchain for operating its commission-free crypto futures exchange.
The most significant development Ethereum has enabled is smart contracts, allowing for the performance of a credible transaction without the need for a third party. You can use these contracts to mint tokens representative of money, property, shares of stock, fine art, automobiles, precious metals, or anything of value. The list is endless. Now, smart contracts are ushering in a new age of decentralized finance.
The Growth of DeFi
Beginning in 2019, several prestigious Wall Street firms began losing their most talented employees. These employees were abandoning six-figure jobs for the opportunity to work in cryptocurrency and blockchain technology. The “hot jobs” were in the area of decentralized finance, which is the migrating of financial services to a decentralized platform.
DeFi, as it is more commonly known, has exploded in popularity during the past 12 to 18 months. In terms of cryptocurrency use cases, DeFi easily has some of the most upside potential.
Why? Because financial services is a multi-trillion dollar industry. Specifically, global financial services is projected to reach $26.5 trillion by 2022. The overwhelming majority of crypto companies who are actively involved in DeFi have chosen to use the Ethereum blockchain for their various projects.
This is simply another example of why ETH has outperformed BTC throughout 2020. Will this trend continue? Of course, it’s impossible to accurately forecast crypto trends. At least for now, traders and investors prefer ETH over BTC.
Technical Analysis Favors Ethereum Over Bitcoin
In terms of technical analysis, ETH has a more bullish chart pattern than BTC. ETH is on the verge of a bullish breakout @ 252.05 (Chart #1).
The bullish breakout for BTC is 10391. As you can see from Chart #2, BTC is not even close to its bullish breakout.
Additionally, ETH has easily outperformed BTC during the past six months.
Wrapping It Up
While BTC remains the first and flagship cryptocurrency, DGTX and ETH both offer more in the way of real-world utility. Nobody is suggesting that BTC is going to lose its position. However, the gains we’ve seen recently demonstrate that there’s an appetite for cryptos that deliver. Both DGTX and ETH are doing just that.
Digitex Futures writers and/or guest authors may or may not have a vested interest in the Digitex Futures project and/or other businesses mentioned throughout the site. None of the content on Digitex Futures is investment advice nor is it a replacement for advice from a certified financial planner.