Due to an outsized focus on Bitcoin in the world of cryptocurrency, one almost forgets there are other projects that have been around for many years. One such project is Dash, a currency focusing on anonymity and privacy. Although there is some competition in this space, a lot of people are high on Dash. Its price has risen substantially over the past few days, and the popular altcoin recently reached a value of US$250.
DASH REACHES A NEW ALL-TIME HIGH
Seemingly every cryptocurrency in the world has reached a new all-time high in recent months. That is not a bad thing by any means, as those currencies with actual potential deserve a lot more praise than they had gotten previously. One of the currencies with such potential is Dash, a cryptocurrency which has been around for quite some time now. With a solid team of developers working on various features to improve anonymity and privacy, Dash has been on a lot of people’s radars over the past year.
It is important to remember that Dash had a good run earlier this year when its value showed sudden signs of life. In February, one could purchase a single Dash for around US$20. Today, that same Dash is worth US$235, a 1,075% increase in value over the past six months. People who had this currency in their portfolio didn’t have to do anything to obtain this value increase. Rather, the market price adjusted automatically, partially thanks to Bitcoin’s price going up by quite a margin.
After setting a new all-time high of US$205 in early July, Dash started dropping in value again to around US$133. A sharp value increase is often followed by a correction, something no currency or asset can avoid. However, contrary to what most people expected, the Dash price subsequently bounced back pretty quickly and now sits at US$235 at the time of writing. This is not the all-time high for this currency, though, as that price was hit earlier this week when Dash was valued at almost US$250.
All things considered, this year has been pretty solid for Dash. With under 7.5 million coins in circulation, there is still a lot of room left for future price gains. Keep in mind that large numbers of coins are locked up in network masternodes, which provide the InstantSend feature and other services to users. Additionally, the Dash iOS wallet was finally approved a few weeks ago, which bodes well for the future of this currency. All it needs now is more trading volume, even though South Korea’s Bithumb exchange is generating its fair share so far. With just US$81 million in 24-hour volume, though, Dash is well behind most other top cryptocurrencies in that regard.
The good news for Dash is that its upcoming conference may attract a lot of positive momentum moving forward. According to the information we have received, the Dash Conference takes place in London on September 24. It is a precursor of the World Blockchain Forum, which will take place over the following two days. During the conference, we will see various panels and speeches regarding the Evolution initiative, the Dash Debit Card, and the new Dash Labs hardware tech brand. As the currency’s first global conference, the upcoming event will be quite significant, to say the least.
In the end, it is hard to predict what the future will hold for Dash. A lot of puzzle pieces are finally falling into place, which is a good sign. Bitmain recently announced a new ASIC miner to support the network as well, which will get more people interested in this currency. If Dash can somehow find a way to increase its global exposure and improve trading volume ahead of its conference, interesting things will keep happening. For now, the US$235 price is more than respectable, although no one should rule out a potential increase to US$300 or more.