The cryptocurrency market almost dipped below the $200 billion mark today, as major panic selling is occurring due to Google (NASDAQ:GOOGL) banning cryptocurrency ads. Since its record high back in early January of this year the total market cap has lost over $500 billion USD. Most coins are making somewhat of a comeback, from yesterday’s shocking news. Ethereum (ETH) has yet to dip under the $600 mark and Bitcoin (BTC) remains strong above $8,000. Presently, there are only 11 coins within the top 100 that are in the green.
While the market takes a major blow, DigixDAO backed by gold has remained solid. Each DGD token represents a single gram of gold. It is the only cryptocurrency one the market that is backed by something of store value. The DigixDAO team believes that in doing this, it provides some stability to the highly volatile market. It’s proving itself today.
At press time, DGD is trading for $373.11 a coin, up 25%, in 24 hours. For the month, the coin is up 54.4% and in 90 days, up over 166%.
Nem (XEM) has quite the spike in price this week, as CoinCheck paid out its hack victims. The CoinCheck heist was the largest in history and luckily its victims got some sort of recovery from their lost digital assets. Since it’s peak of $0.524, the coin has dropped over -30%. It remains unknown if XEM holders had sold due to the most recent Google news or if investors had intentionally sold their recovered XEM tokens they received back from the hack.
At press time, XEM is trading at $0.366 a coin, down -11.12%, in 24 hours time.
Cardano is another coin that has fallen substantially amid the news from yesterday. ADA is pre-product and it’s full development will take years but still, its coin has lost nearly -20% in 48 hours.
At press time, ADA is trading at $0.183 a coin, down -9.03%, in 24 hours. Cardano is still the 6th largest cryptocurrency by market cap, which is extremely impressive for not having an active working product.
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