{"id":16745,"date":"2017-03-03T00:00:00","date_gmt":"2017-03-02T16:00:00","guid":{"rendered":"https:\/\/www2019.dash.org\/2017\/03\/03\/this-bitcoin-rival-nearly-doubled-in-value-in-one-week\/"},"modified":"2021-09-18T11:40:04","modified_gmt":"2021-09-18T11:40:04","slug":"marketwatch-2","status":"publish","type":"post","link":"https:\/\/wp.dash.org\/news\/marketwatch-2\/","title":{"rendered":"This bitcoin rival nearly doubled in value in one week"},"content":{"rendered":"
The price of a single Dash token has doubled in the span of a week as traders attempt to front-run a major exchange\u2019s decision to initiate trading in the digital currency.<\/p>\n
Dash, shorthand for digital cash, saw its price rise as high as $57.75 a coin on Thursday, up from $24.20 a week ago, according to data provided by CryptoCompare. That is more than Litecoin\u2019s November 2013 peak of $53, thought to be the highest-ever valuation attained by an alternative to bitcoin.<\/p>\n
With a total value of $329 million, Dash is the third-largest cryptocurrency by market cap, behind only bitcoin and ethereum.<\/p>\n
In a business-development proposal published on the official Dash forum back in January, the Dash team solicited funding to help \u201ccover costs of integrating Dash into a major cryptocurrency exchange\u2026\u201d with the launch expected around the end of the first quarter.<\/p>\n
Like other bitcoin alternatives, known collectively as alt-coins, Dash has benefited from a recent run-up in bitcoin, which reached a record high north of $1,250 US:BTCUSD on Thursday. Trades from bitcoin to Dash account for the overwhelming majority of its trading volume, though recently trading in U.S. dollars has increased to around 10% of its average daily volume, according to CryptoCompare data.<\/p>\n
Ryan Taylor, director of finance at Dash, said the digital currency has experienced steady growth as an increasing number of exchanges and digital-currency payment providers have embraced the digital currency. Average daily trading volume increased by 1,700% in the fourth quarter, from the same period in 2015.<\/p>\n
Thirty-one exchanges presently allow clients to trade in Dash in 42 distinct currency pairs, Taylor said. No exchanges have adopted trading in Dash so far this year, though Blockcypher, a payments platform, did recently enable Dash payments, he said.<\/p>\n