Dash surged to new all-time highs this week on high trading volume from Asia and following announcements for long-term mass-market scaling.
Late Wednesday and early Thursday the Dash market price rose to unprecedented levels, topping out at about $228 early Thursday, with a market cap of about $1.68 billion. At time of writing the price remains solidly above $200.
A spike in cryptocurrency interest and trading from Asia
Much of the increase in interest in Dash comes from a rise in Asian trading. Of the nearly $130 million 24-hour trading volume, over half can be traced to exchanges in Korea and China. Korea-based Bithumb alone, which recently recovered from a hack, accounts for over $30 million.
Cryptocurrency as a whole has fared well recently across Asia. Thailand recently made moves to loosen regulations regarding digital assets, and South Korea, a major source of trading volume, is also considering fully legalizing and regulating cryptocurrency. Japan is seeing a major retail expansion, with a new partnership between the Coincheck exchange and Recruit Lifestyle bringing Bitcoin functionality to point of sale systems of hundreds of thousands of businesses soon.
2017’s rise leaves massive development budget
As Dash continues to rise, so do its prospects for long-term success. Its value has multiplied nearly 20 times just this year, causing the treasury budget that funds development and community projects to rise proportionally. At present valuations, Dash has a monthly budget of about $1.37 million. This leaves more than enough funding for several large projects and organizations under the greater Dash decentralized autonomous organization (DAO). Now, in addition to Dash Core, one of the largest development teams in cryptocurrency, the treasury funds two additional completely separate organizations, Dash Force and the newly-created Dash Labs, headed by Dash’s founder Evan Duffield.
While Bitcoin cruises closer to a showdown over the future of its development and scaling plans, and Ethereum faces growing pains, Dash is gearing up for long-term, mass-use scaling. The multi-year plan for Dash Evolution includes building a clean and user-friendly experience, increasing the block size to 400mb, and supporting over 4,000 transactions per second, including developing specialized hardware for exactly that purpose.
Author: Joël Valenzuela
Original link: https://www.dashforcenews.com/dash-price-soars-new-time-high-heavy-trading-asia/