With cryptocurrencies gaining more and more popularity, a plethora of them have sprung up with no dearth of investors. Some of them have gained more than triple digit returns in a very short time frame.
A sudden spike in values of anything, be it stocks or cryptocurrencies, raises suspicions about its consistency and even authenticity. But some spikes are just natural, logical, and long lasting as well.
Dash, initially known as Darkcoin or Xcoin, is an open source cryptocurrency released in January 2014 and renamed in March 2015. It is known to offer instant transactions and is private and secure.
Within a couple of days of its release, it showed astronomical growth with 1.9 million coins mined. So, these high-growth symptoms were there from day one, perhaps implying that Dash is there to last and grow.
The latest on Dash news is that Dash has sponsored an airdrop of 1,000 Dash ($900,000) to the users on the Huobi.pro exchange. The digital currency was added to the exchange last month. (Source: Huobi Pro Exchange Will Airdrop 1,000 Dash ($900,000) to Customers, Dash, December 21, 2017) This could very well be a promotional activity meant to prompt people to use Dash instead of Bitcoin and Litecoin. But without achieving growth and estimating a promising future, no organization would do this. This definitely hints at their strength and growth prospects.
The current Dash prices are overwhelmingly high. Till last week, the value hovered around $800-$900. On December 18, it crossed the $1,000 mark. And today, it has already crossed $1,500.
If we look at the values over the last three years, Dash prices peaked only in the beginning of this year. It came close the $100 mark in March 2017. From 2014 to 2016, the cryptocurrency showed reasonably steady growth, but not such peaks. It had minor declines in between, but has mostly grown at quite a high pace throughout 2017.
Ironically, Dash’s unprecedented initial growth seemingly resulted out of an error. According to the creator of Dash, Evan Duffield, this spike happened due to a bug created when Litecoin code was forked to create Dash. He offered to relaunch Dash, but his proposal was disapproved by a majority! And so this project continued.
We all know that cryptocurrencies are not regulated or controlled by any single authority such as a central bank. In such cases, self-regulation plays a vital role, and Dash is probably the first self-governed project in the cryptocurrency market.
With such self-regulation and its superbly-rising value, we wonder what the estimates would be for 2018! Will it cross $2000 or be slated for some correction? But the market sentiment seems mostly positive on this.
Experts and crypto fund managers such as Ville Oehman see plenty of potential in this project. (Source: Dash Cryptofunds, Dash December 21, 2017). He even listed this one among his top 5.
Although, this one is still away from being a competitor to Bitcoin, can we expect that to happen over the next two years? Going by the current numbers, perhaps yes. But, this sounds surreal yet because even if this unprecedented growth of Dash continues, there are a lot of factors that play a role- where would Bitcoin be headed by 2020, in terms of value? There would surely be new players in the arena. Is regulation by various economies in the offing? A lot of external aspects need to be considered before we estimate this.
As we have previously covered on Profit Confidential, people also need to get comfortable with various other cryptocurrencies apart from Bitcoin, and they would know the robust features of Dash. We are very positive about the growth of Dash. There is no doubt that it will grow despite corrections, market volatility, and other external factors.