The crypto market isn’t doing so well at the moment. Bitcoin (BTC) continues to trade sideways, putting downside pressure on the altcoins market. In spite of these conditions, most major altcoins have retained their positions on market cap rankings, apart from Digibyte (DGB) and a few others. Digibyte (DGB) continues trending downwards, and is now one crypto away from dropping out of the top 50. This can only mean two things. Either other altcoins are gaining value faster than Digibyte (DGB) or it is losing value at a higher rate than the rest. Whichever scenario it is, it’s not good. The big question now is, is Digibyte (DGB) still worth accumulating? The answer still remains in the affirmative. In the long run, Digibyte (DGB) remains a worthy hold. However, in the short-term, it might experience a higher degree of weakness than higher ranking altcoins.
In the short-term, Digibyte (DGB) could suffer more downside pressure for two reasons. First, with the tether issues that have hit the limelight, investors are likely to pivot more towards Bitcoin (BTC), stable coins and top ranking altcoins. That’s because, with all the uncertainty that has hit the market, safety becomes a top priority, and to the average investor, a top 10 crypto may appear safer than one that ranks in the lower 40s in market cap rankings. This is likely to put downward pressure on altcoins, and mostly on the lower ranking ones. Secondly, Digibyte (DGB) is not one of the most hyped projects in the market. As such, under sluggish market conditions such as the ones in the market right now, money is unlikely to flow into the lower ranking projects, unless they have some serious hype backing them up.
However, in the long run, Digibyte (DGB) comes across as a project that has lots of potential for growth. That’s because, crypto won’t remain in a speculative wave for good. Over time, as the market becomes more mature, fundamentals will begin to matter. One thing that will push the market in that direction is the increased investor awareness that a good chunk of this market is made up of scams, and projects that have nothing happening. This will push them to interrogate cryptos more closely before throwing money at them, as compared to the pre-2017 era.
As this happens, projects like Digibyte (DGB) will start to gain traction. Digibyte (DGB)’s fundamentals place way higher than the average altcoin in this market. For instance, it has a real potential at revolutionizing cybersecurity with solutions like DigiID. DigiID is already being used, and with creative applications to it, such as the ones being done by AntumID, it won’t be long before it becomes the standard in cybersecurity. Digibyte is also making forays into the digital assets market, which will allow businesses to build on top of Digibyte. These are some of the fundamentals that give substance to Digibyte (DGB). In a few years, these could propel it to heights it has never hit before.