Cryptocurrency exchange Bittrex announced a new USDT-Dash trading pair, further increasing options to buy Dash.
Bittrex recently added a trading pair between Dash and Tether, a cryptocurrency pegged to the US dollar and backed by dollar reserves. Though not a direct way to purchase with fiat currency, the USDT trading pair still allows purchase for US dollar value, and to purchase Dash without first going through Bitcoin.
Bittrex co-founder Richie Lai announced several new trading pairs via Twitter:
You want markets?! I got markets for you! New $ETH markets – $XMR, $XEM, $XLM, $ANS. New $USDT markets – $XMR, $DASH @BittrexExchange
— Richie (@richiela) July 21, 2017
New trading pairs welcome after the BTC-E disaster
Expanded support across different exchanges is a relief now that BTC-E, one of the largest and oldest cryptocurrency exchanges, went down recently. This coincided with the arrest of alleged BTC-E operator Alexander Vinnik for involvement in the Mt. Gox hack of 2014. Across all trading pairs, BTC-E accounted for over $10 million in 24-hour trading volume for Dash, nearly one third of total volume. The addition of extra trading pairs across more exchanges is helpful to recuperating lost trading volume.
Upcoming Bitcoin world shakeup could be good for Dash
Several events on the horizon for Bitcoin could end up further positioning Dash well in the markets. At present, Bitcoin appears to be on track to implement Segwit, with a current 100% of blocks mined today signalling support. This could end up helping Dash out in two ways: one, by solidifying Bitcon’s direction away from simple on-chain scaling and potentially driving users to Dash, and two, by removing Litecoin’s competitive advantage, which surged on news of implementing Segwit on its own chain and working towards off-chain lightning networks. Another factor that could help Dash would be a potential chain split if the Bitcoin Cash fork materializes, which could split Bitcoin and its user base, lessening its network effect and making established competitors such as Dash more attractive to users.