Cryptocurrency enthusiasts who have been keeping an eye on the Dash price as of late will have noticed there has been a very strong uptrend Right now, one Dash is worth US$13.54, which is quite a difference from slightly below US$10 just a few days ago. But is this trend sustainable, and if so, where is the trading volume coming from all of a sudden?
Dash Is Tearing Up The Charts Right Now
Although Bitcoin remains the top cryptocurrency in existence right now, a lot of people are concerned about its lack of privacy and anonymity features Improvements in these areas will come in due time, which leaves room for other cryptocurrencies to experiment with possible solution. Dash is one of those currencies, and it has been doing fairly well ever since its inception.
Over the past week and a half, there has been a surge in demand for Dash all of a sudden. No one is entirely sure where this is coming from, even though Mycelium announced they will integrate the currency very soon. Jaxx will also add Dash to their wallet solution, but neither news should help push up the price so spectacularly.
That being said, it is clear there is a significant demand for Dash right now. Bitcoin trading volume has exploded all of a sudden, with Poloniex leading the charts. BTC-E, Yobit, Bittrex, and Exmo are all seeing increases in trading volume as well. As a result, the price per Dash has been increasing steadily, which is now sitting at 0.02377 Bitcoin. This change makes the cryptocurrency more valuable than Ethereum, for now.
Demand across the USD and CNY markets remains rather small, compared to the Bitcoin trading volume. Then again, not every cryptocurrency does well in fiat markets all the time. Most people are struggling to buy bitcoin with fiat currency, let alone doing the same with altcoins. A conversion from Bitcoin to altcoin makes a lot more sense to novice users.
Some people may be wondering why the Dash price keeps going up. A lot of the coin supply is tied up in Masternodes, which aid in verifying transactions on the blockchain. Every Masternode is worth 1,000 DASH, and users earn roughly 10% interest per annum from running the node. As the price goes up, there is no reason for them to sell of their existing supply, as they earn more money through passive income either way.
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