Dash Price: why is it growing so fast?

Dash Price: why is it growing so fast?

Dash price rose up more than 100% in the past week, hitting a high of $60 today.

Growing by 40% yesterday alone, Dash price is dominating the social media discussions among traders and investors.

For the newbies, dash – originally known as darkcoin – earned its group of supporters and critics in this years, becoming a digital currency very useful to be used for the online shopping.

Why Dash price is growing?

Several experts argued that – behind this price growth – there is a mixture of technical updates and an user experience upgrade. So, the recent increase is the result of years of development.

Others explained that the Dash price increase is the result of the so-called “pump-and-dump” behavior commonly seen in lower-volumes markets.

What is dash?

Dash is a “two-tier network” that relies on miners and masternodes.

Dash uses a chained hashing algorithm approach called X11. Instead of using the Secure Hash Algorithm (SHA) 256 or Scrypt it uses a sequence of eleven scientific hashing algorithms for the proof-of-work, or the same consesus method used by Bitcoin.

Miners receive 45% of rewards, masternodes receive 45%, and the other 10% is allocated to its decentralized budgeting system.

In fact, it is important to say that dash allows its users to vote where to allocate resources for development, marketing, etc.

The relative scarcity of Dash coins

Of course, one reasons that is having a great impact on the Dash price is its relative scarcity, as  coins are available for trade on major exchanges relative to the total supply of dash.

This scarcity is supported by the use of masternodes, as they require 1,000 DASH that generate income by receiving part of the mining block reward.

Public data suggests that there are 4,000 masternodes today, so more than half of the total Dash coins are pent-up.

Will this growth last in the long-term?

Data shows a big fall during the today’s trading, while the price is trading at about $43.

Many experts seem argue that the Dash price is in the middle of a significant bubble.

If the price will rise, fall or maintain this status is impossible to say.

How to Store Dash

That said, maybe you’re asking yourself how to store Dash in a safe place, as you might want to start trading with Dash.

Well, we at HolyTransaction provide a multicurrency wallet where you can store not only Dash but also other 20 digital currencies within the same login details.

With a 0.01* dash fee per transaction, HolyTransaction is one of the oldest web wallets in the market.

Edited: we decided to reduce fee from 0,04 to 0,01 Dash per transaction.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

One thought on “Dash Price: why is it growing so fast?

Ether price is reaching its all time highs – HolyTransaction's BlogPosted on  3:00 pm - Mar 4, 2017

[…] Recently bitcoin price is also growing, reaching its all time highs, together with the altcoin called Dash. […]

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