In the cryptocurrency world, thousands of projects are trying to gain traction these days. One of the projects often overlooked by most enthusiasts is Dash, even though it appears to be a more than solid project. With the current Dash price trying to approach $100 again, a lot of long-term holders will be quite happy with the way things are going right now.
Dash Price Momentum Picks up Steam
Given the vast amount of altcoins and cryptocurrency projects on the market today, it is difficult to keep tabs on everything. Dash, while often overlooked, seems to be hitting its stride again. Successful ecosystem growth shows there is a future ahead for this currency, despite the ongoing bearish momentum affecting the industry for several months on end. Even so, there is a chance this project will return to a $1bn market cap sooner than some traders might expect.
Over the past 24 hours, the Dash price has noted some interesting gains across the board. A 3% gain in USD value brings the price to $94.31, which is not necessarily all that bad under the current circumstances. There is also a 2.7% gain in BTC value to bring that ratio back to 0.0233 BTC. There is a chance this momentum will allow Dash to hit $100 again, although it will prove to be a crucial resistance level first and foremost.
There is some interesting news which can impact the Dash value, albeit indirectly. BitRefill has confirmed they added Chili’s gift cards. While that is a positive development, BitRefill also supports Dash as one of the supported currencies. Finding more use cases for supported cryptocurrencies is a sign of ecosystem growth, even though it will not necessarily influence the price in any meaningful manner.
— Bitrefill (@bitrefill) March 18, 2019
The more interesting development is how Dash may be getting its own native stablecoin in the future. More specifically, there is a chance a new stablecoin will be issued on the Dash network in the future. The big question is whether or not it will be pegged to the US Dollar, which might not necessarily be the best course of action. The forum thread makes for an interesting read, although nothing has been confirmed at this point.
One of my fears of a stablecoin in Dash is pegging it to the USD. I’ve been speaking about this for months with MNO DeepBlue. I encourage you all to read his post on why Dash needs a stablecoin and how (maybe) it could be pegged to something else https://t.co/Lq10dSd6US#Dash
— Lorenzo Rey (@lorenzoreyc) March 18, 2019
When it comes to making money with cryptocurrencies, arbitrage opportunities should never be overlooked. In the case of Dash, it would seem as if there are a fair few opportunities to explore right now. While the potential profits might not necessarily be all that spectacular, there is some good money to be made regardless. Using Livecoin may be something a lot of traders dislike, but in the search for profits, no stone should be left unturned.
Buy at #Bittrex and sell at #LiveCoin. Ratio: 1.18%
Buy at #Kraken and sell at #LiveCoin. Ratio: 1.95%
Buy at #HitBTC and sell at #LiveCoin. Ratio: 1.61%
Buy at #Poloniex and sell at #LiveCoin. Ratio: 0.92%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) March 18, 2019
Based on the current market circumstances, it would appear as if the Dash value may continue to inch up ever so slightly in the hours to come. While the price might not necessarily hit $100 in the near future, there is a chance a sudden flux of excitement may trigger the necessary momentum to make it happen. There is also a hefty increase in Dash trading volume which can yield some interesting developments accordingly.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.