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Dash cryptocurrency is riding the coattails of Bitcoin’s price surge in March 2021. This digital cash option currently boasts a market capitalisation of $2.122B, with a circulating supply of 10,004,614 Dash, from a total maximum supply of 18.9 million Dash. The spot price of Dash was recently logged at $213. On January 1, 2021, Dash opened with a price of $96.85. In 3 months, the price has more than doubled, with 120% gains. While certainly not as impressive as other cryptocurrencies, in terms of YTD performance it is substantial. In a heavily congested pool of altcoin options in the top 100, Dash sits comfortably at a market rank of #41. The 52-week trading range for Dash, effective March 2, 2021, is $62.20 on the low end, and $335.80 on the high end. The performance of Dash has been particularly impressive over the last six months with gains of 201.61%, and year-on-year (March 2020 – March 2021) Dash has gained an incredible 195.73%. In terms of technical indicators, analysts routinely point to Dash as a CALL option. When considering oscillators, Dash is a neutral prospect, but with moving averages, it is a definite buy. The 50-day MA (short-term moving average) of Dash indicates a price of $166.279, while the 200-day MA (long-term moving average) is $104.484. When browsing the Dash chart from left to right, over time, a clear trend emerges, and it is bullish. Just recently, crypto analysts posited that Dash may break through the critical $300 price ceiling as the number of buying orders continues to outpace sell orders. Against this backdrop of what some are calling a looming bear market, Dash is actually enjoying a good run of form. Fortunately, Dash is riding the coattails of Bitcoin which continues to defy expectations as it hovers around the $50,000 level. As more and more businesses and individuals adopt blockchain technology, and Bitcoin in particular, demand continues to outstrip supply. At the time of writing, some 700+ large daily transactions take place, with DAU (daily active users) in excess of 100,000+. The last time these types of numbers were witnessed was 3 years ago towards the end of 2017. If the trend continues, and indications reflect that it will, Dash is likely to surge in Q2, 2021 as a glut of buy orders continues. The numbers currently suggest that some 762K addresses hold Dash for a period of at least 3 years on average. Dash was recently classified as a private coin. While this designation applies to many cryptocurrencies it could subject Dash to downward price pressure from regulators. Other breaking news which is likely to bolster the price of Dash is the release of DashPay – a social crypto wallet. South African traders can cash in on Dash trading right here at AvaTrade with Dash CFDs for bullish or bearish price movements. With crypto CFDs, alts don’t have to appreciate for profits to be generated. Gains can be enjoyed either way, provided the right call is made.
Dash is considered the next generation digital currency. Traded and transferred by an open source platform, from peer to peer, it reduces the need for people being totally dependent on banks to transfer funds. Transfers are controlled and authenticated by a distributed network. It has the same features as Bitcoin trade or Litecoin with a few additional features such as instant transactions, enhanced private transactions, and a decentralized governance system. Dash is currently the 7th biggest digital currency on the market, and has been accepted on the App store. This proves that the demand and ranking of the currency is growing. A major factor impacting the price rise is the supply and demand of the coins available for use. With Bitcoin priced at a very expensive rate, people are looking at Dash as an alternative option with potential growth rate. AvaTrade ZA is an industry-leading broker with some of the best crypto trading conditions available, including the lowest crypto spreads on the market.
1. Dash keeps a person’s transactions and balances very private with its enhanced security measures.
2. Dash has an innovative technology which gives users the ability to send money instantly and irreversible within four seconds
3. Its global, anyone can send money anywhere for the same fees and with the same speed, there are no variation
4. Its inexpensive to use, most transactions cost only a few cents which is much cheaper than other services
Dash is the first digital currency to have a 2-level network. The first level is made of miners who write transactions to the blockchain, and the second level are masternodes. These are servers that allow the privacy features and instant transactions. In the future, they will most likely be able to offer features unique to Dash which can keep them in a unique category of their own by providing things other digital currencies cannot.
The Dash coin price has been rising in early 2017 lately and part of the reason is the plan to upgrade the user experience. More investments with the programme could potentially drive the price higher. Dash is not accepted by many retailers yet, but a good number of independent businesses do accept it.
Moving forward, Dash developers hope to announce new features and increasing circulation. Dash’s unique capabilities seem to pushing it towards a leading position in the market, which could make for a profound forex trading option. When trading with AvaTrade ZA you are trading on the price changes of the digital coin, and not physically purchasing it.
The maximum accumulated position size for Dash is $10,000 notional value, details in our Trading Conditions and Charges page.
Like all cryptocurrencies Dash is quite volatile, making it a good choice for traders who are willing to accept the volatility and risk that comes along with cryptocurrency trading. Trading Dash at AvaTrade via our CFD products is an even better choice since you won’t be adding to the risk by holding the actual cryptocurrency and risking hackers stealing it from your wallet. In addition, when you trade Dash CFDs at AvaTrade you can take advantage of up to 1:20 leverage, giving you even greater profit potential. When you consider that a cryptocurrency like Dash could change price by as much as 10% and then add leverage on top of this you can see how much potential there is for an astute trader.
The early days of the cryptocurrency boom, where prices rocketed higher by thousands of percent, are gone. That doesn’t mean you can’t still make money trading Dash. In fact, Dash and other cryptocurrencies are one of the best trading vehicles available. They have quite volatile, changing price rapidly, giving traders the chance to pick up several percentage points of potential profits on most days. The market for Dash also runs 24 hours a day, 7 days a week so you can always trade Dash. If you trade on Dash CFDs at AvaTrade you can also add leverage to the mix, increasing your profit potential even further.
We’ve already mentioned that Dash is good for traders, but is it good for investors, who tend to hold their cryptocurrency for longer periods of time? Dash has become somewhat irrelevant and had a pretty bad 2019 and 2020. If you were able to buy at the bottom of these years as an investor you could have made money, but that’s primarily because the 2020 rally in Bitcoin helped to lift the entire universe of cryptocurrency prices, including Dash. So, you might not want to invest in Dash, but we can still recommend it as a good cryptocurrency for trading.