Dash, a cryptocurrency alternative to bitcoin, is being added to the world’s largest digital asset exchange in USD terms, Bitfinex. The platform addition came into effect at 1pm EST today, allowing traders to make online buys and sells between the third most valuable cryptocurrency, USD, and bitcoin (DASH/BTC & DASH/USD).
This news comes in the wake of popular derivatives trading platform BitMEX adding Dash last month.
Dash is currently undergoing a historic rise in value. Previously one of the most stable coins, Dash began the year at $11 per and is now trading at $44 per coin. From January 1st to today, trading volume is up by a staggering 22x, and Dash’s market cap has zoomed to over $320 million USD, more than double that of every digital currency except Bitcoin and Ethereum.
Dash VP of Business Development, Daniel Diaz said:
“The partnership is recognition of the way the market has been responding to Dash’s vision and roadmap. I am a firm believer that the free market will always recognize true value when growth and performance is sustained over long periods of time. Partnering with Bitfinex is a very important step for Dash as we look to provide good, regulated on and off ramps to the network that really make user applications easier. Dash is in a transition towards the regulated fiat exchanges that will make it a lot easier for users and investors to move in and out of the Dash economy, which will reduce friction and allow Dash to trade directly for fiat currencies in the more popular exchanges in the blockchain industry.”
While the entire industry has continued on an upward trajectory this year, Dash is growing at a much faster rate than any other digital currency. In 2017, Bitcoin’s price is up 22% and Ethereum’s is 57%; however, Dash has experienced the strongest growth by far, up 295% and peaking at $60 USD per coin on March 2. Driving Dash’s phenomenal surge is the implementation of its large-scale software upgrade, several strategic business partnerships and the impending rollout of an industry-first decentralized payments system called Evolution.
“The Dash project has shown focus in what is most important for the users; fast, reliable and cost-effective transactions. Dash also has a well-defined software development roadmap and a strong business development pipeline; the combination of these things has led to a surge in popularity and has naturally attracted the attention of the largest exchanges in the blockchain industry.”
Bitfinex, headquartered out of Hong Kong, has the most liquid order book in the world and is one of the most popular marketplaces for altcoin trading, moving over $50 million USD every 24 hours. Founded in 2012, Bitfinex also offers leveraged margin trading through a peer-to-peer funding market.
Bitfinex CSO, Phil Potter
Bitfinex Chief Strategy Officer Phil Potter said:
“Bitfinex is extremely excited to be adding Dash to our exchange. Dash is currently experiencing its breakout moment right now and we want to be able to provide our growing customer base with seamless access to one of the rising stars in our space. Bitfinex prides itself on being the world’s largest digital asset exchange by USD. We expect an incredibly strong market for Dash and we look forward to a tremendous partnership with their team.”
Dash is currently the third most traded coin. Until now, most of its 24-hour trading volumes, averaging around $50 million USD, occurred across Poloniex and BTC-E.
Diaz concluded his statement:
“Anyone that has been in the digital currency space long enough knows that one of the most difficult things in crypto still today is getting access to coins. Our users will be thrilled to have more options to buy Dash directly without having to go through other digital currencies, making interaction with our blockchain even more friendly.”