While the prices of most cryptocurrencies are off their peaks, very few coins and tokens are working hard enough to regain those price peaks back. One such coin is Dash, which not only has worked on improving its merchant reach but also has worked on its core and improved its hash rate.
Dash firing all guns to break into top 10 coins
According to the latest post by Joël Valenzuela, the editor of Dash Force News – Dash’s own mouthpiece- Dash adoption and mining hashrate has reached new highs as the US economy shows long-term signs of trouble.
According to global Dash merchant listing site DiscoverDash, 4,015 businesses globally accept Dash as a form of payment. This is likely a conservative global estimate since many processors such as GoCoin do not publicly list their customers, and CoinGate alone, which enables Dash payments by default, claims 4,000+ merchants worldwide.
According to the post, the growth for Dash comes as other sectors of the economy show signs of worry. To quote from the post
“The growth in Dash’s ecosystem comes as other sectors of the economy show signs of worry. The US national debt continues to grow at an incredible rate, fast approaching $22 trillion. According to projections by the Committee for a Responsible Federal Budget, without changes to current spending policy, the US national debt will grow to six times the country’s gross domestic product (GDP) by 2093 when the population born in 2018 will have reached 75 years of age”
One of the other contributors to this growth has been Dash’s efforts in Venezuela. The coins successful endeavors in Venezuela have created a global template for adoption in the event of a worldwide economic crisis. At present, nearly 2,200 merchants in Venezuela accept Dash for payment, over 50% of the global known total. This is due to the combination of the several Dash teams on the ground pushing adoption for the last year, as well as Venezuela’s considerable economic problems, with hyperinflation leading to issues storing wealth as well as transacting. Dash has a fixed stable supply and can transact instantly anywhere in the world for fractions of a cent, presenting a superior alternative. In the possible event of more failing currencies around the world, we may see a similar opportunity for Dash adoption to rise.
While this has been on the adoption side. Dash’s mining hashrate has reached a new all-time high. At the time of writing, the current hashrate has reached an unprecedented 2.884 petahashes, according to data from BitInfoCharts. The previous high was reached in late December at 2.63 petahashes when Dash had reached an all-time high in the price of over $1,500 per coin. The current new high in hashrate comes as the price remains around 10% of what it was when the previous high was reached.
While Dash is definitely doing every bit to get its peak prices back, one will have to wait and see when does it actually gets there.
How sooner, do you think, will Dash reach its peak price of around USD 1500 again? Do let us know your views on the same?
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Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]