Dash Leads Modest Altcoin Recovery Following New Partnership with BlockchainIntel
Dash (DASH) was among the top-performing cryptocurrencies Thursday amid reports that the privacy-centric project was partnering with a blockchain analysis company to improve compliance reporting for digital exchanges.
DASH Price Update
The price of DASH peaked at $115.67 on Thursday, gaining as much as 6.3%. It was last seen trading at $114.67, having gained 4.9%.
The DASH price also gained on bitcoin; the DASH/BTC exchange rate climbed 2.5% to 0.01143591.
DASH has not been immune to the recent bout of selling seen across the cryptocurrency market. The coin bottomed at $97.12 during month-long correction, giving back a whopping 48% of its yearly gain.
The cryptocurrency peaked at $187.54 on June 26, gaining 137% for the year. It’s still up 44% in 2019.
At current values, DASH has a total market capitalization of just over $1 billion, according to CoinMarketCap. Trade volume in the last 24 hours was reported at $249 million, with LATOKEN accounting for more than a third of the turnover.
Among the major altcoins and tokens, only Ethereum and EOS posted comparable returns as DASH on Thursday. The cryptocurrency market was valued at $276.4 billion, with alts accounting for 35.4% of total.
Dash Partners with BlockchainIntel
In a surprise announcement, Dash has joined forces with crypto monitoring firm BlockchainIntel to boost regulatory compliance on virtual exchanges. BlockchainIntel helps exchanges analyze transactions and conduct risk assessments based on blockchain activity.
Karen Hsu, CEO of BlockchainIntel, said working with Dash will help her organization achieve its vision of helping “people, companies and regulators a way to identify higher risk transactions that leads to increased trust in and continued adoption of digital currencies.”
Hsu also said that, by working with BlockchainIntel, Dash will have a greater chance of seeing mass adoption.
Ryan Taylor, Dash Core’s CEO, also commented on the partnership in an official statement:
“We are committed to supporting exchange access for our users. We are happy that our partner BlockchainIntel can address new exchange reporting requirements aimed at preventing money laundering and fraud. Companies such as eToroX are able to list Dash because they can provide the information regulators need using BlockchainIntel.”
DASH cryptocurrency has largely flown under the radar this year despite posting market-beating returns through June. Just three months ago, Dash boldly claimed that its was the fastest growing blockchain by active addresses. The claim was backed up by data from CoinMetrics, which confirmed that active addresses had increased 96% over the past year.
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.