Dash reached a new all-time high this week as Bitcoin traders sold off their profits.
On Wednesday, Dash reached a new high of $233, with a corresponding market cap of $1.74 billion. This tops the previous brief high of $213 about three weeks prior, which quickly subsided to just below $200, where it has remained over the past few weeks. The all-time high prior to this week was $228 for a short moment during the first week of July. Although this is the highest USD value for Dash to date, its present rate of 0.053 Bitcoin is slightly under half its all-time high in March of 0.12, when Bitcoin was encountering significant scaling issues.
Vast majority of trading volume from Bitcoin and Korea
Of Dash’s trading volume during this recent spike, nearly half has come from Bitcoin trading pairs. This indicates that Bitcoin traders are reinvesting their gains into Dash. Since the August 1st chain split giving birth to Bitcoin Cash, the price of Bitcoin has risen from around $2,800 per coin to its present-day $4,313. This significant gain no doubt accounts for much of those profits pouring into Dash, aiding with the price surge.
A close second contender in trading volume is the South Korean won, accounting for over 30% of volume. In recent months, trading from Korea, particularly the Bithumb exchange, has remained the single largest source of volume for Dash. At present, Bitcoin and won trades combined 78%, the vast majority of Dash trading volume.
The ongoing scaling debate may provoke future market responses
The debate on how to scale cryptocurrency properly continues after the Bitcoin chain split, with each side getting closer to testing its respective approach. Bitcoin is moving closer to deploying lightning networks for off-chain scaling as fees continue to spike close to pre-split levels. Meanwhile, Bitcoin Cash has mined many blocks in excess of one megabyte, including three about 4mb large and two in excess of that size, including an 8mb block. This will test the viability of the large-block approach to on-chain scaling, and based on its success (or failure), the market may respond accordingly. Dash is firmly in the on-chain scaling camp, with blocks larger than 400mb in the scaling roadmap, and a success for similar large-block scaling initiatives could lead additional credence to Dash’s future.
To me if you held bitcoin during the fork, and you decided not to fully sell your bitcoin cash for bitcoin(I did do pre-fork), because the differences between bitcoin(segwit) and bitcoin cash (bigger block). You’d probably should take a serious look at DASH as well it was already on similar path to as bitcoin cash is taking right now(may so realizations are starting to happen ?),
If one would do a fair DASH vs bitcoin cash comparison most would conclude it to be an overall win for DASH.
So to conclude this thinking process it would a prudent decision to spreading out a bit of bitcoin cash holding to dash holdings, as the proper investment strategy.
You see today’s article? Big vindication of big blocks.
Yes, read it. I thought my post added some clarity and it the conclusion I made from it(hope you don’t mind writing down helps my thought process). Thank for the food for thought.
I am excited to see what bigger block will bring, I personally believe Big blocks and disk-size will meet certain thresholds. Those thresholds are linked to the sizes you can buy SSD’s and HDD common number include 128gb, 256gb, 512gb for laptops with only an SDD, and 1TB for HDD again for laptops. Also these limits apply for VPN prices, they substantially increase prices if you desire higher limits than that.
I believe the node-count will drop substantially because of them, I don’t think enough others will pick up the slack, and those that do, will lead to centralization, like for example coinbase has incentive to run multiple nodes, but they also customize, and store extensive amounts of data, only needed to benefit them and there needed KYC and AML policy’s.
I would not be surprised at all if the bitcoin Node count will drop below, the DASH node count within 2 years or less.