0
🤷 Opinions
379 views

Flash, Flash, a Hundred-Yard Dash: Darkcoin's Rapid Makeover Revisited

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alexander Goborov
    🤷 Opinions

    From Darkcoin to Dash, here we briefly examine the history of quarterly prices and market cap values of one of today’s most desirable altcoins

Flash, Flash, a Hundred-Yard Dash: Darkcoin's Rapid Makeover Revisited
Cover image via u.today

Dash, short for Digital Cash, is undoubtedly one of today’s most sought-after cryptocurrencies. Having been founded in January 2014 by Evan Duffield, it entered the Blockchain market as Darkcoin and was renamed Dash in March 2015.

Currently fighting with IOTA for the 12th position by market cap with around 1.4 billion USD, it is simultaneously occupying the 5th position by unit price with close to 165 USD per each one of its coins. That makes Dash a major player on the global market with much envy from its rivals directed at how the company managed to reach such heights in both these categories.

Below is the first graph (logarithmic) that shows a complete history of Darkcoin/Dash’s market cap values by quarter, since the coin’s inception up until now:

Dash 1

The very first quarter saw a modest start with only 5 million USD. However, the cap value increased fourteenfold and reached almost 70 million USD the following quarter—the highest cap value Darkcoin will ever see—in part thanks to the aftermath of the second Bitcoin bubble.

The next few quarters saw mainly satisfactory but not brilliant performance, both for Darkcoin as well as its new face, Dash, in the first nine months of its existence. The first six months of 2016 saw Dash starting to approach the days of Darkcoin’s former glory in the second quarter of 2014, with close to 60 million USD.

The second half of 2016 saw Dash’s market cap exceed its previous record and almost reach 100 million USD. The growth continued into the third Bitcoin bubble, having reached 1.5 billion USD in the first half of 2017, and finally peaked at over 12 billion USD, settling for its absolute maximum value in the second half of last year. The subsequent wane ensued in 2018, at that point already foreseen and expected, which left Dash where it is today, with the respectable average of 2.3 billion USD for this year’s last two quarters combined and 1.4 billion USD as of right now, during sordid times of the bear market.

Below is the second graph (logarithmic) that shows a complete history of Darkcoin/Dash’s prices by quarter, since the coin’s inception up until now:

Dash 2

The situation here is fairly identical. Darkcoin started at almost 1.5 USD per piece in its first quarter and also saw a gigantic increase in the second quarter with the price reaching almost 16 USD. There was a sharp dip after that, followed by a period of relative stability for the next year or so with the price tag being stuck mainly between 3 and 4 USD a pop for both Darkcoin and its post-makeover version, Dash.

Finally, the first half of 2016 saw a rapid increase, and the second half saw the price almost touch its previous record from the second quarter of 2014. The growth continued in 2017, just before and during the aforementioned Bitcoin bubble period, and reached its maximum of over 1 500 USD. The subsequent decline came, which saw Dash find its current position of 275 USD (double quarterly average) and 165 USD as of right now, in the bear market.

Having moved from 5 million USD (market cap) / 1.5 USD (unit price) at the very start to almost 1.4 billion USD (market cap) / 165 USD (unit price) right now, Dash has clearly come a long way and done very well for itself. The Darkcoin has truly made a hundred-yard Dash in a flash, crypto-economically speaking.

We hope you found this information handy. Stay tuned for more.

👉MUST READ

The Top Crypto Dozen by Year of Formation

The Top Crypto Dozen by Year of Formation

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alexander Goborov (MSc) is U.Today’s chief editor of analytics. Before joining our publication, he worked in research and education, and, briefly, as an academic ghostwriter.

His articles range from scientific to creative, among them those that came out in Journal of Language Learning, St Petersburg Times, and Kommersant.

At U.Today, he and his team specialize in the economic analysis of the Blockchain market, infographics, as well as interviews.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
🤷 Opinions
734 views

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Joseph Young
    🤷 Opinions

    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
Cover image via 123rf.com
Contents

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

Subscribe to the official U.Today Telegram channel. Get news first!

About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings