Another Crypto Follows Bitcoin’s Amazing Rise To Stardom
Another crypto is following Bitcoin’s footsteps to stardom!
Of course, we’ve all heard about Bitcoin’s spectacular performance this year. However, for the serious investor and trader in digital assets, Bitcoin’s success should not blind them to the performance and potential for another lesser- known cryptocurrencies. Otherwise, they’ll miss out on the opportunity and profits the other digital asset players could bring.
One such cryptocurrency is Dash. Just this December, Dash seems to be in a mad dash to reach the $1,000 mark by year-end. That might not be much compared to Bitcoin’s more than $16,000 price but, considering that it started the year at a mere $10, a $1,000 yearend price would be a hundredfold increase in just one year.
It seems to be only a matter of time until most cryptocurrency users value the privacy aspects of certain altcoins. Bitcoin, Ethereum, Litecoin, and others all lack privacy by default. Although some currencies will introduce changes in this regard, it remains to be seen how all that will play out. For now, we’re seeing the Dash price slowly approach the US$1,000 mark for the first time in its history. It’s a monumental development for this privacy-oriented altcoin, to say the least.
DASH PRICE WANTS TO REACH $1,000
Just like most other cryptocurrencies, Dash has experienced a massive price increase in 2017. Thanks to some solid marketing efforts and masternode holders being rewarded for locking up funds early on when it was cheap, the Dash price has exploded exponentially. More specifically, we have seen the Dash price rise from under US$10 all the way to the current level of US$916.83.
Any currency focusing on privacy will be in high demand sooner or later. This means there will be more gains for the Dash price moving forward, to say the least. Other currencies in this industry will also have their time to shine, although it seems Dash is the top dog. Its huge amount of coins locked in masternodes reduces the circulating supply as well, which means it is more expensive to buy this altcoin by default.
Although the Dash price usually doesn’t go up by much over a 24-hour period, things are progressing steadily. With a price of US$640 a few days ago, it is evident the small daily gains are paying off in the long run. Right now, it is only a matter of time until we see the Dash price hit that US$950 mark, and US$1,000 is certainly within reach. It will all depend on whether or not we see a major correction in this altcoin’s price relative to Bitcoin, although that doesn’t appear likely right now.
With just US$161.4 million in 24-hour trading volume, the Dash price was able to gain another 5.07% against the dollar. Moreover, the altcoin also gained 3.74% on Bitcoin, which has been moving up at the same time. A very interesting correlation between Bitcoin and altcoins is forming as we speak. It seems Bitcoin’s price increases aren’t necessarily driving the BTC valuation of altcoins down any further.
HitBTC is the leading exchange for Dash in terms of volume, which is somewhat surprising. Although it’s a solid exchange, HitBTC rarely generates any noteworthy volume. Nevertheless, its 24-hour trading volume is twice that of Binance and Bithumb. This means most people are moving from Bitcoin to altcoins rather than investing fresh capital. This isn’t necessarily a bad thing, but it’s worth taking note of regardless.
Whether or not the Dash price will break the US$1,000 resistance this weekend is anybody’s guess. Slow and steady wins the race for most long-term altcoins, and Dash is doing the job just fine. It is evident there will be a four-digit valuation party at some point for Dash, but it may have to wait a few days. Then again, it could happen today, as cryptocurrency markets are unpredictable by design.
via The Merkle