Dash Breaks $1,200 as Meteoric Rise Continues
Dash cryptocurrency achieved a major milestone Wednesday, as prices crossed $1,200 for the first time in a rally that has been inspired by major upgrades to the system’s transaction capability.
DASH/USD Price Levels
The value of Dash peaked near $1,230 on Wednesday, extending a month-long rally that has seen prices more than triple. DASH/USD is up more than 32% over the past five days. At press time, the coin was trading around $1,143 for a market cap of roughly $12 billion.
At present values, Dash is the world’s eighth largest crypto asset by market cap, having been recently overtaken by Cardano. It has a total supply of 7.765 million tokens out of a maximum of 18.9 million.
More than $816 million worth of DASH has been transacted over the past 24 hours. South Korean trading desks were the most active, with DASH/KRW transactions on Bithumb accounting for nearly one-third of the daily turnover. Bitfinex processed more than 11% of the total volume. Poloniex and Bittrex each accounted for nearly 9% of the turnover.
Dash: The POS Blockchain
The Dash protocol carries immense promise for market participants on the prowl for a more transaction-friendly cryptocurrency. Dash has made significant inroads in the payments market through point-of-sale integration. Its API protocol essentially works to balance the global ledger by making payments weekly.
The recently released Dash Core version 12.2 upgrade has also introduced significantly lower transaction fees and larger block sizes. With a block size of 2 MB, the Dash network has double the transaction capacity as bitcoin. This is a notable development for a blockchain market still struggling to become more consumer friendly.
Unlike other cryptos, Dash is completely independent, which means it is not subject to competing forces like with other cryptos. In other words, the protocol funds itself by unlocking a certain amount of DASH each year to pay for developers and masternodes. The protocol stipulates that a minimum of 1,000 DASH coins must be kept in the masternodes to retain voting power.
Although Dash’s market is a fraction of bitcoin’s, a growing number of merchants are accepting DASH payments. This includes an expanding network of debit cards, email providers, hosting services and graphic designers. Dash.org maintains a comprehensive list of merchants that accept the digital currency as a form of payment.
Dash is gearing up for a potentially explosive year as more investors clue in to the cryptocurrency’s potential. The coin has experienced tremendous success despite having very little exposure outside the core blockchain community.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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