Dash Cryptocurrency Surges on Coinbase Pro Listing
Cryptocurrency Dash (DASH) caught a strong tailwind on Friday after it was reported that Coinbase Pro would soon list the digital currency, possibly opening the door to wider adoption and price discovery.
DASH Price Update
The value of DASH shot up to a high of $93.85, gaining almost 14%, according to CoinMarketCap.
At current levels, DASH has a market capitalization of $827.6 million, ranking 16th among active blockchains and well below Tron’s almost $1 billion valuation.
The cryptocurrency is trading at more than two-week highs on technical opportunities and positive news flow. That follows a more than 57% drop from yearly highs set in late June.
Even with the recent rally, DASH is still down 51% from peak levels. Its next resistance target is $95, followed by $100, which is a major supply zone. On the flipside, support is located near $85.
CoinMarketCap reports that nearly $261 million worth of DASH trades were placed in the last 24 hours, a figure that is likely overstated.
DASH was easily among the top performing cryptocurrency on Friday. Cosmos (COSMOS) was the only other recognizable project to report higher gains.
DASH Gets Coinbase Treatment
Coinbase was the major catalyst behind DASH’s impressive rally after the exchange announced it will soon list the cryptocurrency on its institutional platform.
Beginning September 16, users will have the opportunity to transfer DASH into their Coinbase Pro account ahead of trading, the exchange announced Thursday.
“Support for DASH will be available in Coinbase’s supported jurisdictions, with the exception of New York State and the United Kingdom. Additional regions may be added at a later date,” Coinbase said.
The announcement came about five weeks after Coinbase said it was exploring the addition of DASH and seven other cryptocurrencies to its exchange. Ontology, Waves, Matic and Decred were some of the other coins up for consideration.
Coinbase is exploring the addition of 8 new digital assets. It’s our goal to offer support for all assets that meet our standards and are compliant with local law. https://t.co/v5yzXUhbSL
— Coinbase (@coinbase) August 5, 2019
Cryptocurrencies have been known to rise after clearing Coinbase Pro’s stringent hurdles for listing, but the rally is often short-lived. Their dismal performance reflects the current state of play in the digital currency market.
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.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.