The recent price action in the cryptocurrency universe has been extremely bullish. It certainly appears as if this asset class is in the very early phases of a new bull market. Without question, Bitcoin (BTC) is the leader among all digital currencies and tokens. Therefore, let’s compare the price performance of BTC against the Digitex native token (DGTX).
Looking More Closely at Bitcoin
Bitcoin formed an important bottom on 17th December 2018. Two days earlier, on 15th December, DGTX recorded its low @ .0310. This turned out to be an important turning point for each market.
BTC and DGTX have both been moving higher since mid-December. However, DGTX has easily outperformed BTC during the past few months.
Currently, DGTX has gained 248.4% since its mid-December low. BTC has gained 67.7% over the course of the same time period.
DGTX has easily outperformed BTC since mid-December. In fact, DGTX generated the largest advance among all major cryptocurrencies during the month of March.
Digitex Is Set to Disrupt the Futures Industry
Why has DGTX outperformed Bitcoin during the past few months? More importantly, will this performance continue?
DGTX has exceeded the performance of BTC (and all other major cryptos) because the Digitex Futures exchange is on the verge of completely disrupting an industry that has experienced very little new innovation since its inception in 1849.
The futures industry has been operating in mediocrity for the past several decades. Digitex will radically alter the industry by providing its customers with commission-free trading.
More importantly, Digitex is incorporating blockchain technology by holding all customer account balances in a decentralized independent smart contract on the Ethereum blockchain. This prevents Digitex from having access to customer funds.
Essentially, Digitex is bringing the futures industry into the 21st century, which is extremely beneficial to the DGTX cryptocurrency token.
Is the Recent Crypto Rally the “Real Deal?”
For the first time in several months, the crypto community has something to celebrate. The entire crypto asset class has produced a powerful bullish breakout during the past few trading days. Is this rally sustainable? Are we on the verge of sharply higher prices?
Of course, it’s impossible to know the answer with 100% certainty. However, the most likely answer is “Yes.” Based on the current chart pattern, it does appear that Bitcoin formed an important bottom on 17 December 2018 @ 3,158.
BTC was successful in breaking above its first resistance level a few days ago @ 4,440. The final hurdle is 5,704. Check out the chart below.
Penetrating 5,704 practically guarantees a new bull market in the major cryptocurrencies.
A word of caution:
Even if BTC exceeds 5,704, don’t expect a new high above 20K any time in the near future. Those of you anticipating an immediate rally will likely be disappointed.
This next bull market in the cryptocurrencies will almost certainly be much more subdued and rather uneventful in comparison to the mania that occurred in 2017.
Speculative assets like cryptocurrencies never experience two manias in a row. In the long run, it’s actually much healthier if the next crypto bull market turns out to be rather boring.
Adam Todd Correctly Forecasted the Big Move in ETH
Last week, Adam expressed his thoughts on the recent performance of cryptocurrencies. During the interview, Adam predicted the current crypto rally. Specifically, he discussed his bullish outlook on Ethereum (ETH).
Adam mentioned how ETH was being manipulated by a few large players. However, according to him, the price manipulation was coming to a close and ETH would soon enjoy a substantial rally.
Adam’s forecast so far has been 100% correct. The article was posted on 28th March, with ETH trading at 139.42. On 3rd April, the price of ETH reached a high of 178.32.
This represents a sharp increase of 27.9% over the course of six days. Based on Adam’s bold forecast, this is just the beginning. The Digitex CEO is extremely bullish on the future direction of ETH. In fact, Adam believes Ethereum will record a new all-time high above 1,420 by the end of 2020.
By the way, traders who want to participate in ETH can buy/sell an ETH futures contract on the Digitex exchange. In addition to Bitcoin, Digitex will offer access to Ethereum and Litecoin in the form of leveraged futures contracts.
If you check out my recent Fibonacci price table from an article on the Digitex website from 5th March, you’ll see that DGTX was trading at .0542. I mentioned that DGTX could quickly rally to Level 8 (.1179) if it pushed its way above .0679.
This is precisely what has transpired during the past few days. The momentum traders have created a substantial rally in the DGTX token, reaching a high of .1247 on 2nd April. The next important level is the DGTX all-time high of .1606 from 14 October 2018.
With the upcoming launch, the end of the waitlist, and the certain impact the exchange will have on the futures market, DGTX is certain to blast through this level at any moment.
Is the Crypto Bear Market Over?
Is the crypto bear market finally over? Based on the recent price action, it certainly appears that we are in the very early stages of a new bull market. However, there are no guarantees.
It is possible for the crypto asset class to roll over and retest the old lows from December 2018. This scenario is rather unlikely. Instead, the most likely outcome is a continuation of higher prices. In terms of DGTX, the bull market will remain intact as long as the native token stays above .0679.
I must admit, I’m incredibly excited about the upcoming launch of Digitex on 30th April. I’m sure other companies will try to copy the Digitex business model and trading platform. However, Digitex will always be the original adopter of a zero-fee futures exchange.
Full Disclosure: I own DGTX.
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.