CRYPTO VALUE

Dydx crypto price prediction: Will the new cryptocurrency hit $50?

DURING China’s fierce crackdown, one new cryptocurrency known as dYdX has posted impressive gains.

In the past 24 hours, dYdX’s price has jumped 15% to $21.15, according to Coinbase.

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The cryptocurrency has surged 70% since launching trading

Furthermore, since launching trading earlier this month, dYdX has surged by 70%.

While the trends seem favorable towards at the moment for dYdX, it is still subject to similar risks as other cryptocurrencies.

Firstly, the space can be filled with complexity, so you need to understand what you're investing in.

And most importantly – you could lose a lot of money quickly if you’re not careful. This is because of the extreme volatility in the industry.

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, and make you more vulnerable to scams.

Below we reveal how the cryptocurrency's price could change in future.

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What is dYdX?

Originally, dYdX was founded in 2017 by former Coinbase software engineer Antonio Juliano.

The , which operates as decentralized finance (DeFi) platform, supports the following types of trading: perpetual, margin, and spot.

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.

The early success in dYdX lead to Mr Juliano taking a victory lap on Sunday, which outperformed Coinbase in trading volume by 15%.

The surge in trading comes as Chinese users have started to flock to decentralized exchanges and DeFi products, following  on Friday.

However, Chinese crypto reporter Colin Wu tweeted: "A large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase."

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