The Dash cryptocurrency appeared back in 2014 and was originally conceived as an update to bitcoin, but then the project became a separate coin. During the 2017 bull market, the price of DASH soared above $1,500, and the coin itself was one of the top 10 cryptocurrencies. But in 2022, the rate of Dash at its peak didn’t reach even $200, because this cryptocurrency is not at all hit by the current market trends, such as DeFi and NFT.
In this article let’s briefly review the history of the Dash cryptocurrency, discuss the current status of the project and make a DASH price forecast based on three scenarios for the next bull market.
- History of Dash
- Current status
- Dash price expectations
History of Dash
Let’s begin with a brief history of the project and an analysis of its current state. We remind you that our task is not to praise and pump the coin, but to analyze in detail both its strengths and weaknesses.
So, Dash is an old-timer cryptocurrency, it is one of the dinosaurs of the market and appeared when no one knew about buzzwords like Web3, DeFi, NFT and so on, and the maximum that the developers promised – is faster and cheaper transactions than bitcoin.
It should be noted that Dash was originally developed as an upgrade for bitcoin to make it better, namely faster and more anonymous. But the community of the first cryptocurrency is against drastic changes, besides, in the process of work it became obvious that it is necessary to make a completely new cryptocurrency.
So, first XCoin appeared in January 2014, then it was renamed Darkcoin, and only in the spring of 2015 they began to use the familiar name – Dash. The point is that initially the focus was on anonymity, but then the focus shifted to fast payments and the goal was to create the most decentralized global payment system.
Of the innovations that Dash brought to the world of cryptocurrencies, was the original algorithm for mining on Proof-of-Work called X11, to achieve consensus it used not only miners, but also special nodes masternodes, and also functions of anonymous and instant payments appeared, which were called InstantSend and PrivateSend.
For 2014 it really was a blockchain breakthrough and Dash began to gain popularity very quickly. It is also worth noting that they called themselves an anonymous cryptocurrency for a while, but after Japan and South Korea began delisting confidential coins, Dash rebranded itself and became just a payment system. The anonymous transaction feature itself didn’t go anywhere, though.
Throughout its existence, Dash has changed its team and goals, but the cryptocurrency itself has not. We are talking about drastic changes.
Current status
We open the price chart right away.
In 2017, it was an innovative top cryptocurrency with a peak price of over $1,500. But in 2021, Dash became a disappointment for many, because its maximum rate stopped just below $500, and those who took it on the highs of the last cycle could record a loss of 70% at best. That’s right, -70% for honest four years of Dash hodling, it sounds terrible, but it’s the plain truth and everyone can open the price chart themselves and check our words.
This result is very simple to explain, the past year 2021 was a time when NFT and DeFi were widely used, as well as various second-tier blockchains and “Ethereum killers” with their faster and cheaper smart contracts. But the Dash couldn’t give anything like that to the market, so it remained on the sidelines, and many people simply didn’t notice it.
That’s not to say that Dash, or more specifically its development team, just missed the bull market in 2021. There is news where they have stated bridges with the Ethereum network to open the way to the world of DeFi-applications. But announcing trend participation and catching the train are different things, so the Dash had a price increase and there was a 1,000% difference between the bottom and the peak.
If not to be greedy, this is just a great result, but something tells us that long-term investors expected much more and therefore may not have sold in the expectation of more growth in the future. Whether they were right or not, we’ll talk at the end.
Decreased activity of miners during the bear market – it is normal, but the capacity of the Dash network began to fall back in 2020, that is, long before the peak price and it can only indicate one thing – miners lose faith in the project and prefer to support other blockchains
If we look at the history of transactions, we see that over the past three years, the number of transactions has been at the same level. Today it is about 15,000 transactions per day.
Dash has an awesome community, but analysis shows that just having people’s love is not enough for the project to stay at the top of cryptocurrencies. That’s why today we see Dash in TOP-100, though once it was a confident player in TOP-10.
Dash price expectations
We are not giving financial advice, this is purely our personal opinion on the future price of the Dash and whether it is worth holding on to.
Let’s start with the good thing: from the peak of last year the price has fallen by about 90%, this is a great discount. Can it be even more, yes, but it already depends not on Dash, but on bitcoin, if the first cryptocurrency will not update the bottom anymore, then Dash probably won’t be cheaper either.
Do I buy it at the current price? Here we have three scenarios for you, as bankers like to do, from the worst to the best.
Let’s start with the pessimistic one, which implies that the price maximum won’t be beaten again and that a decline of 70% will persist, as it already was between the peaks of 2018 and 2021:
In that case, during the next cycle we will see a maximum of $200, or maybe only $150, and if you buy at the current price you can earn 200% to 400%. All in all, it is a normal prospect for investments with a view to the next two years. It must be said that this scenario implies that Dash blockchain will continue to operate and maintain community support.
The second scenario is moderate and involves a repeat of the 2021 price high, that is, a hike towards $500 and that is again 1,000%:
This option implies that the Dash will be able to surprise the market by walking out of the shadows in which it currently resides. What it could be, the launch of a large fund for this coin, an investment by a well-known company, a new payment application and cool partnerships.
In general, there are options, but the problem is that all this could and should be done in 2020 and 2021. And then, with an eye on the result, it would be possible to judge the prospects of the coin. Now they seem uncertain. And this is very important, because if nothing is changed, then we can only count on the first pessimistic scenario with a price of $200 at best.
There’s also an optimistic scenario where the price reaches $1,000 again in a couple of years, as it did in January 2018:
This, by the way, is the level of the maximum historical candle closing on the monthly chart, a very beautiful benchmark. But for that to happen, we need something very grand. Example #1- bitcoin soars to a million dollars and all cryptocurrencies grow along with it at a breakneck pace. Example #2 – Dash gets a figure tantamount to Ilon Musk who makes a grand pump or American authorities will decide to ban all cryptocurrencies and leave only bitcoin and Dash.
For some reason it seems to us that many old Dash fans are waiting for the $1,000 price. We very much hope that one of the events listed will happen and it will become a reality. But for now, this is not advice, just a personal opinion. Maybe it makes sense to set your sights on a successful point of exit to normal plus. And if Ilon Musk suddenly decides to pump Dash instead of Dogecoin in a year, there is nothing to stop you from coming back.
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