How is Dash Different than its other Cryptocurrency Counterparts?

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How is Dash Different than its other Cryptocurrency Counterparts?

Dash Cryptocurrency vs. Others: Dash is the 8th largest cryptocurrency by market cap at the time of writing. It surged and reached for a new high of $1262 on Tuesday, before erasing some of the gains by the end of the trading day. But how is Dash different than the other altcoins?

A Little Bit About Dash Cryptocurrency

Dash cryptocurrency is currently trailing behind Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, IOTA, and Cardano, with its market cap standing just a tad below 9 million dollars. 

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Also known as  Digital Cash, Dash advocates itself as peer-to-peer decentralized electronic cash. It intends to be as liquid as real cash which we use in our respective countries like the US dollar, British Pound, Euro or Japanese Yen.

Since November, Dash has surged from its consolidation price at around $300, to the new highs above $1,000.

How is Dash Different than Others?

Like many of the cryptocurrencies, Dash is a fully decentralized peer-to-peer (P2P) network.

It is a next-generation digital currency based on the Bitcoin software. But Dash claims to have solved many of the problems inherent in Bitcoin by speeding up transactions, offering enhanced financial privacy, and developing decentralized governance and funding system.

Governance Solution

In fact, governance has become a hot topic in the digital currency world. Dash allows owners of 1,000 DASH to create a special node called a masternode, and owners of masternodes receive a vote on the future direction of the currency. Masternode owners also get to vote on the allocation of Dash’s monthly budget, which is the largest recurring budget among cryptocurreScaling

Scaling Solution

Another point that makes Dash stand out, is its recent activation of 2 MB blocks. Unlike Bitcoin and Ethereum, Dash is pursuing an on-chain scaling solution. Dash’s current roadmap calls for an early version of Evolution to be launched in the summer of 2018.

Looking at Dash’s Chart

Dash cryptocurrency price lingered below $20 for almost three years since March 2014 when it first became available in the marketplace. It started its surge in February 2017. By August 2017, it had reached new highs above $400.

But it wasn’t until November that the real volatility bullish sentiment began. Following the path of other cryptocurrencies, Dash joined the crypto-mania and broke above the $1,200 level this week.

We could expect the volatility to continue. There is a chance we could see pullbacks towards the key Fibonacci retracement levels at $1,026, $877, and $755.

However, with Dash’s enthusiasm for evolution, and the market participants thirsty to invest in cryptocurrencies other than Bitcoin, we could expect the Dash cryptocurrency to reach for new highs, perhaps above $2,000.