It’s been another hard day in the crypto world with bitcoin prices continuing their downward slide back towards $6000. Bitcoin Gold is reaching all-time lows at just $25 each, and the lesser-known fork from China, Bitcoin Diamond seems to be on deaths door. But not all is hopeless, as underdog coin DigiByte is seeing not only a degree of stability, but also an upward trend towards the $0.04 each price point.
DigiByte Versus the Bears
For those unfamiliar, DigiByte is a lightweight cryptocurrency project with one of the longest blockchains in the industry by block count, with more than 1 million blocks under its belt. Having been around for a few years now, DigiByte has a very interesting position both in terms of its economics as well as its relationship with ASIC mining.
DigiByte has a unique multi-algorithm mining system where there are five different algorithms that can be mined simultaneously. This feature also allows for both ASIC miners and CPU miners to co-exist profitably without the ASICs simply dominating and shutting out all the competition.
Read also: How to Mine DigiByte (DGB)
To protect its multi-algorithm structure from attacks similar to the one Verge saw, the system has in place a technology it calls DigiShield that helps control difficulty.
DigiByte Holds its Ground
For the past few months, DigiByte has been seeing prices between $0.02 and $0.04 each with some variance between those two amounts. The project is usually in the top 50 currencies by market cap and is sitting at number 31 at press time.
Following the recent downward trend, DigiByte had recently dipped to $0.02 each, a price range that the coin is quite familiar with. However, in recent days the currency has once again seen an uptick as it returns to the $0.04 range. It’s impossible to say whether this trend will continue or not, but given DigiByte’s long history and strong community support, it’s safe to say that DigiByte could prove to be a reasonable store of value during these difficult times.
Digging a Grave for Bitcoin Diamond?
As one of the numerous forks that bitcoin saw in 2017, Bitcoin Diamond touted itself as a private version of bitcoin, as well as a fork that produced a 1-to-10 split for all bitcoin holders.
Many in the community have been suspicious of Bitcoin Diamond since day one as its team and creators are largely anonymous. The fork was created by two groups of so-called mining teams based out of China, with not much additional information available beyond that.
Bitcoin Diamond hit the market in November 2017 for a price of $60 or so each. But for the six months, the currency has seen a sharp decline and flat pricing. During the recent bear market dips, Bitcoin Diamond has dropped to $1.95 and shows no sign of recovering.
Speaking of bitcoin forks, Bitcoin Gold has continued to drop and is now sitting at $25 each. This is again from a former high of $470, making it an 18-fold decrease in price. In other words, if you would invested $10,000 dollars in Bitcoin Gold on when it was at $470, your investment today would only be worth $530 or so dollars.
Keeping in mind that Bitcoin Diamond was a 1 to 10 split, meaning that there are 10 times as many Bitcoin Diamond as there are Bitcoin Gold, 10 Bitcoin Diamond are worth $19.50, which means that it is performing worse than Bitcoin Gold by around 20%.
The only fork of bitcoin that has maintained any degree of value is still Bitcoin Cash.
Not Quite a Bitcoin C(r)ash
Although Bitcoin Cash prices are down, current prices today are still not too far off from where they were when the forked coin was first made available. This means that at the very least, those who made an initial investment or held onto their forked Bitcoin Cash have not lost much if any value.
Comparing bitcoin to Bitcoin Cash on the day that the fork was created, we can see that BTC has fared better, having gone from $2,500 then to consistently over $6,000 today.
Community Still Bullish
Despite the constant downward movements we’ve seen in the last few months, the community at large still appears to be quite bullish in general. Sentiments on Reddit and a number of Telegram chats are still high with expectations that the bear market will end sometime before the end of the year.
For now though, just make sure to not feel too overwhelmed by the current bear market we are seeing as the markets are still overall much higher than they were at the same time last year.