DASH cryptocurrency has experienced strong upward momentum the last month. Many altcoins have done well the last month, but DASH is outperforming a majority of the market. We take a look at some of the potential catalyst that are causing DASH to accelerate.
As outlined above, DASH crypto has been outperforming a majority of the altcoin markets. DASH currently sits in 16th place in terms of market capitalization according to CoinGecko. Below we have references some metrics on DASH going into the new year. The 30 day performance metric really sticks out as it’s nearly 6X that of Bitcoin price performance the last 30 days.
- 14 Day Performance: +13.6%
- 30 Day Performance: +115%
- 1 Year Performance: +81%
What’s The DASH Price Catalyst?
Technical: DASH technicals started looking interesting back in early January 2020 when it was shown that DASH active address growth experienced drastic growth from October 2019 to January 2020. According to the figure, active address growth grew from 73,000 to almost 90,000. This was interesting, because it was one of the only cryptocurrencies that experienced such growth in active addresses during this time. It’s especially interesting since DASH focuses on the payments markets. The drastic increase in addresses signals growing utility behind it’s payment mechanisms. If we take a look at a list of all cryptocurrencies, we now see a digital currency list that exceeds 5,000 in circulation. It will be crucial for altcoins to create utility to survive, and it seems like the team at DASH is really scaling operations on a global scale.
Fundamental: Aside from the technical side, there were also numerous announcements that could be aiding DASH price rallies. Some of the announcements by DASH included:
- Electrum DASH “PrivateSend” Being on TestNet
- Crypto Rating Council Giving DASH The Top Score
- DASH Partnering With BitFxt Exchange
- Kimeo Joing DASH Developer Program
- 562% Active User Wallet Growth in Venezuela
- DASH Hash Rate Reaching All Time Highs
- DASH Added To 11,000 ATMs in Mexico
DASH Technical Analysis
DASH started the rally in January when it creeped above it’s 200 day moving average. As mentioned in a previous Bitcoin price analysis, the 200 day moving average is crucial because it signals long term sentiment / momentum. After the surge above the 200 day moving average, DASH price cooled off a bit and dipped back below the 200 MA. Most recently, DASH price recovered and started building more momentum to the upside. With all the recent developments, it will be interesting to see what 2020 brings for DASH.
Image Source: Shutterstock