Everyone in the world of bitcoin and cryptocurrency is taking notice of what is happening to the Dash price right now. Contrary to what most people would have expected, the value of Dash is shooting up like a rocket. Whereas some people assumed this would be a brief pump-and-dump at first, things are starting to look more like a legitimate bull run right now.
Dash Is Flying High Above The Rest
Looking over the list of altcoins in existence right now, it is clear Dash is enjoying a lot of positive attention. Albeit it is a bit unclear as to why the value is skyrocketing over the past few days, Dash is one of the few altcoins that has been around for multiple years without seeing significant value changes. In fact, some people would argue Dash has been extremely undervalued up until now.
Unlike bitcoin, the Dash developer team has been working on privacy and anonymity traits. Although those features are not important to all cryptocurrency users per se, there are those who wouldn’t say no to more privacy and anonymity while using cryptocurrency. Dash seems to check a lot of the right boxes for a lot of people in this regard, which may be attributing to the current price surge. After all, there is no reason to believe bitcoin will be the only cryptocurrency that matters to enthusiasts and investors alike.
It is equally important to take notice of some other factors. Unlike most other altcoins, Dash is not subject to that many people selling their stash while the price is going up. A lot of people run their own master nodes, which are an integral part of the dash ecosystem. To run such a master node, users need to own 1,0000 DASH and keep it locked in the wallet address associated with their master node at all times. Removing these funds will take the node out of the network and remove any rewards users receive from owning a master node in the first place.
Even though Dash has a maximum supply that is similar to bitcoin’s -= 22 million coins versus 21 million – there are only 7.135 million coins in circulation right now. A large amount of blocks is kept in wallets belonging to master node owners, which makes the available supply closer to half of the total supply in circulation. With very few coins to be sold on the market, it is not difficult to see why the Dash price is appreciating so much as of late. The low block reward – currently 3.9 coins per block – keeps inflation of new coins very low as well.
The charts seem to reflect the demand for a privacy-centric cryptocurrency as well. Dash’s price has been on a bullish run since mid-February, yet it has seemingly exploded in the past few days. With 31.7% gains in the past 24 hours alone, it is evident people are taking notice of what Dash brings to the table. Although this price increase has proven to be rather steep, it is possible the rise will carry over for a few more days. The bigger question is whether or not Dash will see a retrace as time progresses, which is always a possibility in the world of cryptocurrency.
Right now, one Dash is worth US$51.94, which is quite a high value. The only altcoin to reach a similar value was Litecoin, which saw a significant pump a few years ago. Once Litecoin hit the US$55 mark, however, the prices started tumbling down again. It is unsure if something similar will happen to Dash moving forward, although the momentum seems very strong right now. Then again, a strong price gain in a brief period of time will always attract some people looking to sell their current supply and buy back in cheaper.
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