It looks like spring of 2021 will be the altcoin season. The prices of many popular altcoins are blooming, and blockchain enthusiasts who made money on the Bitcoin bull run are looking to reinvest their BTC gains in alternative cryptocurrencies. DigiByte has been one of the digital assets that have been doing especially well this year, and DigiByte price predictions for 2021 are looking very bullish.
In this article, you will find all that you need to know to decide whether DigiByte is a good investment. You will discover what DigiByte is and why it is so unique, and you will learn why the DigiByte price forecasts made by experts are so optimistic.
The History of DigiByte
DigiByte (DBG) was created by a blockchain developer named Jared Tate as a fork (which means a modification) of Bitcoin. Because of that, DBG shares a lot of technical characteristics with BTC, although it also provides many improvements.
DigiByte is one of the most respected and time-proven alternative currencies in the market. The development of DigiByte began in 2013, and the first DBG token was mined in January 2014.
DigiByte has been on the market for over 7 years, and throughout this time remained one of the top 100 cryptocurrencies by market capitalization. If the DigiByte price predictions for 2021 are correct, DGB is likely to increase its market share in the near future.
What Are the Features of DigiByte?
Just like Bitcoin, DigiByte is built on a Proof of Work (PoW) algorithm, which means that mining new DBG coins requires large amounts of computing power. While Proof of Work blockchains have a high energy cost, they provide an excellent level of decentralization and security.
Similar to Bitcoin, DigiByte has a limited max supply, which means that DGB is a fully deflationary cryptocurrency – no additional DGB coins over the set limit will ever be created, which will cause the DigiByte price to grow over time. However, while the max supply of Bitcoin is 21,000,000 BTC (21 million), the max supply of DigiByte is 21,000,000,000 DGB (21 billion).
The higher max supply was designed for a reason, as it results in much better scalability than the small supply of Bitcoin. Simply put, it’s much better and it feels more natural to send a transaction of 50 DGB than 0.000051 BTC, although both of these amounts are worth the same amount of roughly $3 with today’s prices.
The improvements made by DigiByte to the original Bitcoin infrastructure are numerous. DGB provides many enhancements which make it more secure and more efficient than Bitcoin, while allowing it to remain an open-source, decentralized cryptocurrency true to the original values of the crypto community.
Over the years, the DigiByte platform has evolved to become something much more than just a variation of Bitcoin. Currently, DigiByte provides multi-layered expanded functionality of a smart contracts platform, which enables DGB to fulfill some of the use cases of Ethereum as well.
DigiByte Price Forecast for 2021
Automated price predictions are often favored by investors who value 100% objective information. Websites that predict the future price of a digital asset based on automated algorithms guarantee that the forecasts will be devoid of emotional and subjective influences.
TradingBeasts is a website that provides three predictions for each asset: minimum, maximum, and average. The most bearish DigiByte price forecast for 2021 according to TradingBeasts is $0.0657340. The most bullish prediction on the website states that the DGB price will reach $0.0966677 by the end of the year. The average of these two predictions is $0.0773342.
The only downside of automated price prediction websites is the fact that even the maximum price predictions are quite bearish, and especially in a strong bull market they often downplay the value of an asset. Websites not based on automated algorithms provide much more bullish DigiByte price predictions – for example, Coinpedia believes that the DGB price will reach $0.10 in the latter part of 2021.
BitDegree mentions an interesting price prediction which states that DigiByte will be worth $1.44 by the end of 2021. This DigiByte price forecast sounds extremely bullish, but it’s actually founded on a rational basis: since the max supply of DGB is 1000 times higher than the max supply of BTC (21 billion vs 21 million), it’s natural to assume 1 DGB should be exactly 1000 times less valuable than 1 BTC. Given that equation, it’s not overly optimistic to assume that the DigiByte price could surpass $1 soon.
DigiByte Price Predictions According to Experts: Can DGB Reach $1?
The aforementioned $1 price level seems to be the most popular DigiByte price forecast according to the experts. Although some members of the crypto community publish ultra-bullish predictions stating that DGB will surpass $10 or even $20 soon, the majority of blockchain experts agree on the much more realistic $1 level.
One of the experts agreeing on the $1 DigiByte price prediction is the popular Youtube analyst going by the name CryptoBusy. According to him, both the technical and fundamental analytic tools point to the $1 price level as a realistic prediction. DigiByte looks very bullish when we just look at the charts, but the most important factor in the DGB growth might simply be the fact that DigiByte transactions are faster and cheaper than in most of the competing blockchains.
Another Youtuber which supports the $1 DigiByte price forecast for 2021 is the well-known technical analyst Chris M. His research doesn’t really take the technologic fundamentals into consideration, but based on the technical analysis alone, he also arrives at the $1 level as the reasonable DigiByte price by the end of the year.
The $1 DigiByte price prediction seems to be almost univocally shared by most of the technical analysts in the crypto community. Another analyst which shares a similar forecast is the Youtuber Trade Intuition, which agrees that the charts clearly point to the DGB price reaching $1 by the end of the year.
When we look at the DigiByte price forecasts, $1 seems to be the most commonly agreed-on prediction. Both technical, as well as fundamental analytical tools, point to the $1 price level as a realistic DigiByte price prediction for 2021.
However, it’s worth noting that the DGB all-time high is much higher than that – in January 2018, DigiByte was trading for $0.1429. Bitcoin has already more than doubled its ATH from that time period, so if DGB manages to surpass $1, it could likely try achieving a new all-time high next.
In the highly volatile crypto market, it’s always almost impossible to give a precise price prediction. But in the case of DigiByte, it seems certain that the value of DGB will continue appreciating. Simply put, the technical advantages of DigiByte are so significant that it would be hard to imagine the DGB price going anywhere else but upwards in the foreseeable future.
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