With so many people paying attention to Bitcoin and Bitcoin Cash right now, one would be forgiven for missing the fact that Dash has recently reached a new all-time high as well. It is the first time this popular altcoin has seen its value rise to US$300 and above. It is evident that good and exciting things are happening in the world of Dash right now, even though few people are seemingly paying attention to it. It will be interesting to see if Dash can reach the top 5 cryptocurrencies based on market cap, as the competition is heating up in that regard.
DASH REACHES NEW ALL-TIME HIGH OF $307
It is quite remarkable to see how things have changed in the world of Dash. This privacy-centric cryptocurrency has been around for several years now and has one of the more solid reputations in the innovation department. Several of its features have gotten a lot of positive attention, including the InstantSend feature for anonymous transactions.
Moreover, the Dash wallet for iOS was recently approved, and there will be a Dash-oriented conference in a few weeks’ time. All of this goes to show things are evolving at an accelerated pace as far as Dash is concerned. It is certainly possible the currency will follow a similar price path to Ethereum’s earlier this year. A value of US$400 per Dash would not be entirely overvalued by any means, as it is evident the currency has a lot of value to the right people. Additionally, there are just over 7.5 million coins in circulation, which is a lot lower than most other currencies, including Bitcoin.
One has to keep in mind this low supply also paints a skewed picture when looking at the Dash market cap. Despite a value of US$298.19 per Dash right now, the total market cap is still below US$2.5 billion. That means Dash is only the eighth-largest cryptocurrency when looking at things from a market cap perspective. That is not entirely fair, to be honest, although it is the way things are calculated in the world of cryptocurrency. Real Dash supporters will not be concerned over this ranking by any means, though.
There are a few exchange platforms which are pushing up the Dash price as we speak. No one will be surprised that Bithumb has the most volume among exchanges for Dash right now. The Korean exchange has been quite bullish on all currencies it supports right now, including Ethereum, Bitcoin Cash, and to a certain degree, Bitcoin itself. Right now, Bithumb is generating over 43% of all Dash trading volume, which is more than twice as much as Poloniex and over four times the volume of Bittrex. That is an intriguing development, to say the least.
As one would come to expect, the Bitcoin trading markets are bringing in a lot of volume for Dash, although there is solid USD and USDT trading volume as well. That is quite interesting to see, as it also shows a lot of people have put their faith in USD Tether these days. As Tether is a digital representation of the U.S. dollar value, it makes sense to see it becoming a lot more popular as time progress. A lot of exchanges support USDT trading markets for the top cryptocurrencies as well.
All things considered, things are looking extremely positive for Dash and its supporters right now. Whether or not the price will continue to go up in the coming days and weeks is anybody’s guess. It is certainly possible we would see additional price gains over the coming weeks leading up to the aforementioned conference. Some interesting announcements should be made at that time as well, although it is unclear what the future will hold. It is certainly worth keeping an eye on the Dash price.