Dash as a popular payment method
Dash is an open protocol that enables global instant and low-cost payments without the need for central authority involvement. Its low fees and immediate transactions make Dash a preferred payment method. Additionally, the limited supply of DASH attracts crypto whales and investors who view it as a store of value.
Originally created as Darkcoin in January 2014 by Evan Duffield, Dash was rebranded to reflect its status as “Digital Cash.” Dash operates on a decentralized, open-source blockchain, with experts praising it for addressing Bitcoin’s two main issues: speed and privacy. These features contribute to its promising future.
Dash uses a dual-tier network to improve transaction efficiency. It’s important to note that Dash transactions are visible to the network and secured in under 1.5 seconds. Additionally, DASH is untraceable, with its transaction history remaining private.
Dash provides an optional feature called PrivateSend, which blends transactions with others to enhance privacy and fungibility, making it harder to track funds’ origins and destinations.
DASH is widely adopted globally as an alternative to credit cards, used by businesses of all sizes. It bypasses issues such as exchange rates, bank holidays, bureaucracy, and hidden fees. In regions where traditional payment systems face technical challenges, DASH enjoys strong adoption.
Recent mandatory upgrade for Dash
Dash recently announced a major update with DashCore v.20, which is mandatory for all masternodes, miners, and users. Version 20.0 brings several improvements, including the introduction of a random beacon using ChainLock, Sentinel deprecation, a bigger governance treasury, and several Bitcoin backports.
Before DashCore v20.0, 10% of block rewards were allocated to the Dash DAO treasury, funding development and other network initiatives. With the upgrade to DashCore v20.0, this amount increases to 20%, in accordance with the September proposal. The division of miner and masternode rewards changes to 20% and 60%, respectively, upon activation of the update. The Dash team reported:
“DashCore v20.0 is a mandatory update due to changes in the coinbase transaction and block reward distribution between governance, masternodes, and miners. Integration partners should immediately review the Release Notes to familiarize themselves with the details and begin the update process. In addition to the hard fork with v20.0, there are essential fixes and optimizations that will not be backported to v19.0. Special attention should be given to 1) RPC changes, 2) command-line option changes, and 3) Bitcoin backports.”
At the same time, numerous experts within the cryptocurrency industry predict a high chance that the SEC will approve a Bitcoin ETF by January 2024, potentially further boosting the cryptocurrency market by increasing institutional investor participation, particularly hedge funds.
The approval of Bitcoin ETFs by the SEC would likely lead to a significant surge in Bitcoin demand, which would also positively affect other cryptocurrencies. Positive trends in Bitcoin often inspire greater investor confidence, and major price movements in Bitcoin typically impact other cryptocurrencies, including DASH.
The outlook for 2024 is optimistic, with Bitfinex analysts predicting a potential increase in the crypto economy’s market cap to $3.2 trillion. The latest Bitfinex Alpha report highlights a shift to “extreme greed” in the crypto fear index and anticipates a major rise in global cryptocurrency ownership, possibly reaching between 850 and 950 million individuals.
In the coming weeks, DASH and the wider cryptocurrency market will be influenced by decisions from the U.S. Securities and Exchange Commission (SEC), and investors should consider that positive news could lead to significant price increases, but there are also potential risks. Thus, careful research and evaluation of risk tolerance are essential before making any investments in DASH.
DASH technische analyse
DASH has risen from $24.40 to $36.35 since October 19, 2023, and is currently priced at $32.19. Despite a slight correction, traders should note that as long as DASH stays above the trend line shown on the chart, a larger sell-off is unlikely.
Key support & resistance levels for DASH
The chart from July 2023 marks crucial support and resistance levels to help traders predict price movements. Currently trading below recent highs, if DASH surpasses $35, the next resistance target could be $40.
The key support level is $30; if the price breaks below this, it would signal a “SELL,” and the path could open to $27. A drop below $25, another critical support level, could lead to a target of $20 or even lower.
Factors driving the rise in DASH price
The main factor behind DASH’s price rise is its correlation with Bitcoin’s growth, along with the broader cryptocurrency market. For the bulls to maintain control, a break above $35 would be crucial.
Crypto analysts widely expect the U.S. SEC to approve Bitcoin ETFs soon, which would likely push DASH’s price even higher. A price increase beyond $35 could push DASH towards the next major resistance level of $40.
Indicators for a potential downturn for DASH
DASH whales have increased their activity recently, signaling renewed confidence in DASH. However, cryptocurrency markets are volatile, and while positive developments may lead to price increases, there are also risks to consider.
As an unpredictable and risky investment, DASH requires caution. The key support level is $30; if it breaks, it could signal a downturn, with the next target at $25.
Inzichten van experts en analisten
DASH has shown a strong correlation with Bitcoin and the rest of the crypto market, and since October 19, it has risen more than 30%. Optimism is growing among crypto experts regarding the possible approval of Bitcoin ETFs, with many analysts suggesting that it is increasingly likely that the SEC will approve them by early 2024, which would positively impact DASH as well.
As 2024 nears, Bitfinex strategists are optimistic about Bitcoin and cryptocurrencies in general. They acknowledge the resilience of crypto markets amid regulatory challenges.
Bitfinex analysts suggest that the market is transitioning between periods of greed and regulatory scrutiny, and is poised for an upward trend, with the potential to double its market capitalization.
There is also an expectation of a surge in global cryptocurrency ownership, potentially reaching between 850 and 950 million individuals. This rise signifies greater adoption of crypto assets into mainstream economic activities.
Disclaimer: Cryptocurrency is extremely volatile and not suitable for everyone. Never invest money you cannot afford to lose. The content on this site is intended for educational purposes and should not be taken as financial or investment advice.
