Interesting news was posted on the DASH forums earlier today, as the popular altcoin will be making its way to a Chinese exchange over the next few weeks. BTC38 representatives have confirmed they will be adding a DASH/CNY trading pair on the platform once there is enough trading volume, as the BTC38 CEO is a firm believer of DASH and its underlying anonymous technology. But what will this do to the overall DASH price and trading volume?
Also read: Microsoft Azure Adds Five New Blockchains to its Developer Ecosystem
BTC38 Will Add DASH Soon
It is pertinent for any digital currency to get noticed by the Chinese community and added to an exchange over time. Creating an altcoin is not the hardest part, as we mentioned before, whereas gaining traction and creating value for the currency is a whole different ballgame. Keeping in mind how there are thousands of altcoins in existence, and only a dozen of them has any value or use, it is not easy to get added to a Chinese exchange.
BTC38 is a very popular digital currency exchange in China, although traders are not necessarily using it to buy Bitcoin. Due to their limited choice of listed altcoins, there is a lot of prestige associated with getting a digital currency listed on this platform. The addition of DASH is a major notch in the belt for the developers and community behind this altcoin.
However, the addition will not happen overnight, as the BTC38 exchange does not have enough DASH in reserve to open up a trading market against CNY. Whether the exchange will buy additional volume from other exchanges, or try to lure in more traders to the existing DASH market, remains unknown at the time of publication.
Speaking of DASH trading volume, most of the trades are taking place on the Poloniex exchange, where over 485 Bitcoin worth of DigitalCash has changed hands over the past 24 hours. BTC38 is in third place with just over 34 Bitcoin in volume, which is rather on the small side. Bittrex remains in second place with a total of 57.7 Bitcoin worth of DASH trading volume.
All in all, this is very positive news for DASH and its community, as having a trading market against CNY opens new doors and opportunities. Even though this addition will be no guarantee of success – unless there is a ton of volume trading on the exchange – it is a notch in the belt for DASH. Only time will tell whether or not there will be a lot of interest in this new trading pair, though.
Source: DashTalk
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
