DigiByte achieved a new all-time high this year, but can it keep the momentum going?
Contents
It has been a bumpy ride for digiByte, with the currency struggling to get past its launch price in the first three years. However, everything changed for the cryptocurrency this year as it has seen a bullish rally that resulted in a new all-time high.
DigiByte’s aim is to beat the blockchain trilemma and achieve all three of the aims – scalable, secure, and fast – that other blockchains have failed to do. Its three-layered blockchain is its recipe for success. But, the price of the cryptocurrency has struggled to take off. After almost eight years since its launch, will Digibyte start to bite back?
DigiByte price history
DigiByte was founded in 2013 and the genesis block was mined in January 2014. DigiByte did not see much price action in the first three years, staying below $0.0004. It was in the summer of 2017 when the coin started a bullish trend and saw its first spike. It was announced on 23 May 2017 that DiguSign, a feature of Digibyte that securely stores any document on the blockchain, was a finalist in the Citi Tech for Integrity Challenge. The founder, Jared Tate, and the DigiByte team presented the concept of DiguSign at Citi Bank in Hong Kong that June.
—
On 15 May of that year the price of DigiByte was at $0.0019, shooting to $0.0166 on 23 May. The price continued to climb the next month, hitting a peak of $0.06 on 8 June. The bears pulled the price back down for the following months, but it was not long before the next rally.
At the end of December 2017, the price saw the start of an even stronger price climb, which reached a high of $0.13 on 7 January before it crashed to $0.02 the following February. This rise and fall reflected the wider cryptocurrency market at the time, where many coins, including bitcoin, crashed.
However, BitDegree said the “main reason for this sudden rise in price” was due to the Abra wallet announcing it would start accepting digiByte coin. Abra allows users to buy and sell more than 20 different coins as well as fiat currency, so this announcement was an important development for DigiByte.
Although the price did fall the following month, there was still some momentum for DigiByte in February 2018. DigiByte climbed back up to $0.04 on 17 February after it announced it was forming a partnership with Tom Cridland Public Relations to expand the exposure of the blockchain and its uses.
The next two years were uneventful for the digiByte price with the coin not surpassing $0.02 and falling to a low of $0.003 on 12 March 2020, which was just before it began to pick up. The price started climbing in May and reached a peak of $0.04 on 16 August.
Rudy Bouwman, vice chair of the DigiByte Foundation, told Decrypt that DigiByte had a strong community and enthusiasts. He said: “This growth should therefore not be a real surprise. DigiByte was expected to outperform the market. It’s long overdue.”
Although the rally was just beginning, founder Tate announced he was stepping down on 15 May. He put this down to “greed” in the cryptocurrency community and that “90% of people care for cashing out when a coin moons”.
The bullish trend continued despite this, which was partly fuelled by the announcement in June that Binance would list the DGB coin. CoinTelegraph revealed that Tate did not want DGB on Binance because of the fees associated with the initial listing. Although the timing of the Binance announcement in June, a month after Tate had left, can spark many theories, the ex-founder in fact praised the listing as Binance did not charge any fees.
The DGB price stayed around the $0.02 mark for the rest of 2020 but it began to rise at the beginning of this year. It reached $0.08 on 19 February and continued rising over the following months. In March, an Ethereum-based DGB token launched, which enabled users to use the decentralised finance features of the blockchain. The ERC-20 token is called renDGB and equates to the same value as a digiByte.
The momentum kept up in the following months as digiByte reached its all-time high of $0.18 on 1 May. By the end of May the price had fallen back down to $0.06, however. Although the price has seen a few spikes since then, it has struggled to get past the $0.07 barrier. As of 7 December, digiByte’s price was just under $0.0384; and by the 11 January 2022, the coin was valued at just under $0.028.
DigiByte price predictions
The digiByte price prediction consensus is for a steady rise. CryptoNewz argues that the DGB crypto is here to stay and will “bloom” in the crypto market. It said: “The gradual but steady rise in the digiByte price may not have won it the topmost cryptocurrency award, but smart investors have learned to wait and watch for this asset to perform and work wonders on exchange.”
WalletInvestor’s DGB coin price prediction says it is an “awesome” long-term investment. Its digiByte price prediction for 2022 predicts breaking the $0.05 barrier by late April. The site also suggests the coin will be worth alomost 0.055 in one years' time and $0.16 in five years' time.
Ripple Coin News has a more optimistic digiByte price prediction. It says the coin is attracting many investors because of its transaction speed. Its digiByte coin price prediction for 2025 forecasts a maximum price of $2.
PricePrediction.net, however, says the coin will not reach the $2 value within the decade. Its digiByte price prediction for 2025 guggests an average value of $0.12; and the digiByte price prediction for 2030 forecasts an average price of $1.07.
FAQ
It might be. DigiByte is generating a lot of interest as it launched an ERC-20 token in 2021. After the launch of this token, the DGB price reached an all-time high of $0.18 on 1 May. However, the price has since fallen and is currently around the $0.027 mark. Remember, cryptocurrencies can be volatile so you should never invest more than you can afford to lose.
It could. PricePrediction expects it to reach an average price of $1.07 in 2030, whereas Ripple Coin News has forecast a maximum price of $2 in 2025. Remember, predictions are often wrong, so you should always do your own research before investing.
Investing is a personal choice, depending on your financial goals and amount of money you have to invest. It is important to do your research and speak to people who know a lot about crypto. Try and dig deeper than the word going around on social media platforms as these are not always the most credible sources.
