Check Out the Latest Cryptocurrency Performance Update
2019 has been an amazing year for the cryptocurrency universe.
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2019 has been an amazing year for the cryptocurrency universe. Even the most bullish crypto enthusiast could not have predicted the strength of this current bull market. Even though the vast majority of all digital currencies are extremely overbought, there’s no indication to suspect that the bull move is on the verge of rolling over. In fact, many cryptocurrencies actually appear to be gaining momentum. Why have the first six months of 2019 turned out to be so bullish for digital currencies? More importantly, how much longer will this bull run continue? Let’s examine the data.
Bitcoin Continues to Remain the “King of Cryptos”
Six months ago, Bitcoin (BTC) was essentially “left for dead.” After surging to an all-time high in December 2017 @ 19,862, the cryptocurrency lost 84% of its value over the course of the next 12 months.
This was not the first time that BTC suffered a brutal decline. In fact, Bitcoin has endured three previous sharp declines (in excess of 80%) since its inception in January 2009. Each time, the cryptocurrency has come roaring back, eventually registering a new all-time high. Therefore, we can expect BTC to eventually penetrate 19,862 as it posts another record-setting move to the upside.
Based on data provided by CoinMarketCap there are 2,257 cryptocurrencies and tokens in existence. Bitcoin is easily the largest among the entire digital currency universe. In terms of percentages, BTC represents 56.7% of the crypto marketplace. Bitcoin has a market capitalization of $162.39 billion.
It’s nearest competitor is Ethereum, with a market cap of $28.47 billion. BTC is 470% ahead of the #2 crypto in regard to market cap. As you can see, Bitcoin is easily the “King of Cryptos.”
Why has Bitcoin enjoyed such a bullish breakout in 2019? In terms of technical analysis, the bullish momentum began when BTC penetrated the first important resistance level @ 5704 on 3rd May. The breakout was confirmed when Bitcoin successfully pushed above the second major resistance level @ 6568. Check out the chart below.
Will the cryptocurrency bull market continue or is the new bull market simply a “flash in the pan?”
Most likely, the 2019 crypto bull market will extend well into the future. Why? Because the cryptocurrency adoption rate continues to grow.
Check out the following table:
Cryptocurrency Adoption Rate
What do most of these countries have in common? The majority of them have unstable currencies with high rates of inflation. The citizens within these countries are desperately in search of a stable currency that doesn’t lose its purchasing power.
Cryptocurrencies (particularly Bitcoin) provide safe and secure alternatives to the fiat currencies used in each country. This explains why the Bitcoin bull market will continue well into the future.
The global fiat currency system will continue to lose purchasing power as all countries continue to print an unlimited supply of their domestic currency. Consumers are finally realizing that they have an alternative. And the alternative is Bitcoin and other cryptocurrencies.
The Ethereum Bull Market Is Alive and Well
Ethereum (ETH) was unable to escape the nasty crypto bear market in 2018. After reaching a peak in January 2018 @ 1,419.97, ETH plunged to 82.40 on 17th December 2018. During the past six months, the cryptocurrency has recovered 225% of its value, currently trading in the 260 to 270 range.
Over the course of the past few months, there has been a heated debate within the crypto community concerning the future performance of Ethereum versus Bitcoin. Many cryptocurrency enthusiasts believe Bitcoin will be the performance leader as we move into a new decade beginning in 2020.
However, lately, there has been a growing number of ETH bulls who are convinced that ETH will replace Bitcoin as the driving force of the current bull market.
Many novice traders within the cryptocurrency universe are under the impression that BTC and ETH possess the same characteristics. This is simply not true. In fact, there are several major differences between the two cryptocurrencies.
Arguably, the main difference between Bitcoin and Ethereum is the original intended purpose of each cryptocurrency. For example, the main role of BTC is to help people transfer value on a peer-to-peer network without involving a third party, such as a bank. Bitcoin is used as a store of value or medium of exchange. In terms of Ethereum, the main design of ETH is to be used as a platform to facilitate peer-to-peer contracts (i.e. smart contracts).
During the past 12 months, there has been a growing list of startup companies, institutions, and industries that have contemplated the idea of creating smart contracts in an effort to improve the way they interact with their customers from a business perspective.
This explains why the ETH community strongly believes that Ethereum will easily outperform Bitcoin going forward, as an increasing number of businesses and industries begin using smart contracts in order to improve relationships with their customers.
Thanks to the increased use of smart contracts, ETH will be in high demand for the next several years. Even though Ethereum and Bitcoin play separate roles in the cryptocurrency universe, both of these digital currencies should perform exceptionally well over the course of the next decade.
DGTX Joins the Crypto Bull Market
During the past six weeks, DGTX has enjoyed a nice move to the upside. It’s probably no coincidence that the price of DGTX has been moving to the upside since Digitex announced its intentions to partner with SmartDec to help build its non-custodial exchange.
The official announcement occurred on 1st May. The price of DGTX was trading at .0344 on 1st May. As of 19th June, DGTX was trading at .0604. This represents an increase of 75.6%. In fact, DGTX has outperformed both BTC and ETH over the course of the same time period.
In addition to its partnership with SmartDec, Digitex introduced a new Public Relations Team on 10th June. Going forward, Digitex will be working with EAK Digital in an effort to increase awareness of the Digitex brand and to position Digitex as the leader in the crypto futures exchange industry.
The fact that Digitex will be becoming a DAO also had an instant impact on the DGTX price, jumping by 20% upon Adam’s video announcement.
There is a huge demand within the cryptocurrency community to provide traders and investors with a commission-free trading exchange based on blockchain technology.
Despite its setbacks, Digitex remains fully committed to launching the first zero-fee futures exchange. Digitex is certainly moving in the right direction, which explains the sharp increase in the DGTX token.
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.
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