Overview of DigitalBits Foundation
DigitalBits is an open-source blockchain for digital assets, especially branded currencies, NFT, and stable coins. DigitalBits Foundation, formerly known as XDB, is the major contributor to the DigitalBits project. Michael Gord is the managing director of XDB, and the foundation was established in the year 2017. In 2020 it was renamed as DigitalBits foundation. The primary stage of the DigitalBits foundation roadmap is named Luna, and this phase emphasized the development of the DigitalBits project and facilitated DigitalBits blockchain adoption.
|Price Change 24h||-3.94%|
|Price Change 7d||+44.04%|
|Market cap||$ 342,284,549|
|Circulating Supply||762,155,983 XDB|
|Trading Volume||$ 2,298,434|
|All time high||$1.03|
|All time low||$0.006725|
Foundation till date constitutes separate committees focused on development, governance activity, education, innovation, diverse strategies for community development, research, adoption, partnership, and ecosystem development. DigitalBits support program provides financial as well as non-financial support to the projects.
In addition to that, the foundation also supported Digitalbits in every stage of development, enhancing the consumer experience, corporate social responsibility, accountability, and sustainability practices. Support innovation and adoption team is formed to provide tools and resources necessary for innovation and the adoption of new technologies in DigitalBits blockchain. Moreover, they provide research and technological guidance in the relevance of digital assets and the digital economy.
Projects of DigitalBits (XDB)
DigitalBits (XDB) project was announced in 2018. The environmentally sustainable and eco-friendly DigitalBits blockchain can handle around 10000 transactions per second. DigitalBits with a ticker symbol XDB is the native cryptocurrency of the network. The only asset which doesn’t need an issuer and trustline in the DigitalBits platform is XDB. Any account is allowed to hold XDB. Undoubtedly, traders can trade XDB for any other assets in the network.
Major DigitalBits projects include:
Zytara: Zytara is a digital banking platform of DigitalBits project which provides banking services for digital assets, NFT, and branded stable coins. It is specifically designed for millennials & Gen Z games. Zytara constitutes a Zytara app for digital banking, Zytara Lab for NFT production, and Zytara dollar for ZUSD stablecoin.
DigitalBits Wallet: It is a mobile app from the XDB foundation. Users can send, receive or store digital-based assets using the wallet. DigitalBits wallet is available on both android and IOS. It is configured to store XDB and ZUSD tokens. On top of that, it supports all ERC-20 tokens. The wallet helps to make the process of crypto transactions easier.
Stably: Stably is a financial technology solution that provides infrastructure for asset tokenization through the White Label platform solution, SDK, and API, along with bespoke integration. Stably converts real-world assets and fiat currency to fungible blockchain-based tokens that can be traded in the blockchain. Furthermore, Stably provides a business stable coin account by which participants can send, receive and store fiat, crypto, and stable coins. Stably bolster the digital economy by fast, safer, and low fees for cross-border transactions.
NFTY Labs: NFTY Labs is a cross-chain infrastructure for NFT utility, and it was created to assist NFT Ecosystem. NFTY facilitates users and brands with multiple products by which they can manage and customize NFT. NFTY Labs provide access to exclusive community chats, content, and events.
Before we move into the best cryptocurrency price prediction of XDB, let’s go through its overview and technical analysis!
Overview of DigitalBits Network
DigitalBits (XDB) network can track, hold and transfer any asset. All the assets in the network, excluding DigitalBits assets, have a type and an issuer. The user must trust the issuer for holding the assets in DigitalBits. To trust an issuer, a user needs to create a ‘Trustline.’ Trustlines are entries in the DigitalBits account. Entities that issue assets in DigitalBits are called ‘Anchors.’ All these services are available on the official DigitalBits website.
DigitalBits Network allows traders to build mobile wallets, smart devices, and banking tools. The network mainly includes the following things. An application programming interface (API frontier) for submitting your transactions, checking your account balances, and subscribing to events associated with DigitalBits. The user can easily communicate to API using his web browser.
DigitaBits core is acting as a backbone of the network. It is a collection of interlinked DigitalBits cores run by various entities across the globe. Distributed nature makes it reliable to use. Transactions through the DigitalBits consensus protocol are validated using the DigitalBits network. It is a must to have own instances of DigitalBits core to avoid third-party dependency on transactions. DigitalBits cores in time agree on a set of transactions. Each transaction on the network costs a fee of 0.00001 XDB.
DigitalBits core is linked with API frontier to assets and tokenization services, apps & wallets, loyalty and point program services, and customer apps. Some instances exist to provide only trustworthiness to the services, but some have frontier servers for communication.
DigitalBits Technical Analysis
The global cryptocurrency market is undergoing a tumultuous journey with fluctuating prices and market cap. The price had a small drop in the initial hours of today’s trading session, later it went significantly up. After the recent recovery, BTC again tumbled for the second consecutive trading session. Crypto regulation talks is a reason for considerable consternation among crypto enthusiast.
DigitalBits’ price today is $0.4885 with a 24-hour trading volume of $5,315,281. The coin’s total market cap is $427,211,787, and a total supply of 1,500,000,000 tokens. The circulating supply is 874,608,082.04 digital coins. The highest price at which the coin is traded is $1.03, which was on Nov 16, 2021. The current price is 52.38% less than its all-time high. The all-time low is $0.006725, which was in 2020.
Historical data of DigitalBits cryptocurrency infers XDB has traded sideways for a long period. Token remains consolidated and hadn’t progressed till July of this year. From August onwards, the buying interest bolsters, and XDB started an uptrend. DigitalBits price rallied to $0.818 and retraced to $0.372. Later the morning star confirmation initiated the bull’s journey; the value surged to $1.1 and marked an all-time high. From the second week of November onwards, XDB price is driven by negative sentiments; bears overtook the momentum.
DigitalBits technical analysis shows that XDB USD is in a falling channel eyeing towards a major support zone. The chart revealed a waning negative momentum and settled below 200 DEMA, 20 DEMA, and 50 DEMA. There is no sign of an immediate DigitalBits price rise because it is continuously making lower highs on the daily chart.
Immediate support is placed at $0.357; selling pressure persists for XDB USD below this level. Any fall below this DigitalBits price may seek support at $0.295. Traders can sell DigitalBits below this and wait for a bounce at the major support zone of around $0.157. On the other side, nearby resistance is held at $0.383. If DigitalBits price rise above $0.38 next hurdle is $0.5010. Bulls may seek a hand above this point to head towards the major resistance of $0.810.
After looking at some of the most popular technical indicators, the accumulation distribution line is falling along with the DigitalBits price fall due to a bearish trend, therefore a selling interest exists in the market. On balance, the volume also slips the same way as DigitalBits price does; hence, selling pressure prevails. Adding to that volume of the current trading session is lower than the previous day.
Candles have fallen below the middle of Bollinger bands when the DigitalBits price equal to $0.767. MACD is settled below the signal line because of the plunge. RSI is at 29, which is an oversold zone.
Based on our technical analysis, there is no evidence of the DigitalBits price increase any time soon in the future because the bearish sentiments are likely to continue for the short term. But it is not an indication that XDB USD is a bad investment. Traders should be cautious while taking an entry at the current price. It is better to invest in XDB USD after a clear break out for a good return.
DigitalBits Price Forecast 2021-2026
Unlike the money market, crypto price prediction and forecast always involve a good amount of skepticism. The predicted value may change from the actual one because of overhyped predictions and false beliefs about the price movements. Past one year data of DigitalBits specify coin has given satisfiable returns to investors to-date. Now, let us have a look into the future of DigitalBits cryptocurrency to know, will DigitalBits be worth investing in for the future?
DigitalBits (XDB) Price Prediction 2021
DigitalBits’ price has constantly increased throughout the second half of 2021. In September 2021, the price saw a huge rise, and it lasted till mid-November. The price of DigitalBits remains bearish, and a gradual price drop is anticipated for the rest of the year. The minimum price expected by the…
Read More: DigitalBits Price Prediction for 2021-2026