Cryptocurrency price momentum tends to materialize when people least expect it. Digitex Futures paints a very interesting example, a sits price chart has seen a hefty amount of yoyo-effect over the past few hours. Massive dips have occurred, followed by even stronger gains. A very unusual trend resulting in a net 19% loss.
Digitex Futures Price Makes no Sense
It is not uncommon for alternative cryptocurrencies to go through massive ups and downs in quick succession Bitcoin is often considered to be the most volatile cryptocurrency, but that hasn’t rang true for several years now. Anything outside the top 20 by market cap can see wild pump-and-dump cycles for no apparent reason.
Over the past 24 hours, there has been a hefty Digitex Futures price setback. A net 19% loss in USD, BTC, and ETH value is not uncommon, yet it always raises a lot of questions in the process. Especially the large dips on today’s chart are very troublesome, even though they do not incur any long-term effects just yet.
Looking across social media, there is no real reason for the DGTX price dip. In fact, it seemed one of the key team members confirmed they will rival BitMEX in terms of traction and market volume moving forward. This leads some to believe DGTX will hit $10 soon, which would be a 10,000% increase compared to the current value.
#Dgtx will be 10$ in feb2019 bullrun
— Altcoin Expert of INDIA (@Rakesh_swain62) November 3, 2018
A lot of people expected more from the DGTX live demo stream earlier today as well. The team presented the first ever Digitex Futures Exchange, effectively delivering on a lot of the initial promises. For some unknown reason, altcoin holder usually dump holdings when a major milestone is turned into solid technology. This time around hasn’t been different in that regard.
— J/Y Rufati (@YlberRufati) November 3, 2018
This rather surprising market retracement does make some sense when looking at the bigger picture. Prior to the exchange demo, the Digitex Futures price had increased by over 40%. A retrace afterward is entirely normal, although few people expected it to be this steep. Even so, this market will seemingly recover rather quickly, depending on how traders respond.
— Deed Cancel (@DeedCancel) November 3, 2018
Despite being only listed on some minor exchanges. DGTX notes a rather impressive trading volume given its current market cap. There is a very real chance this market will bounce back pretty quickly, as it wouldn’t take too much money to make this dip disappear altogether. At the same time, the negative pressure looms overhead for all markets, and DGTX may not escape its grasp anytime soon.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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