Despite the biting bear market, it has been a great year for some businesses in the cryptocurrency market. Last week we reported how Binance was making headways and raking in profits in a bear season while other large companies were either downsizing or closing down. Uphold Inc. is another crypto exchange that may have weathered the 2018 down season rather impressively than most as well.
It is a crypto-fiat exchange supporting about 9 cryptocurrencies including BTC, ETH, DASH, LTC, BAT, LBA, BCH, BTG, and XRP. In the previous year between the dates of January 4th, 2018 and January 4th, 2019, the exchange gained an extra 1+ million users to its platform. Not shabby figures considering the market performance.
Of the 9 cryptocurrencies that Uphold supports, Dash saw the biggest gains in user holdings – a massive 281% against BAT’s 183% and ETH’s 70% gains closing out the top 3 highest gains in 2018. Mark Mason, a #Dashpay ambassador shared a graphic on Twitter that showed the visual representation of this data. The other cryptocurrencies performed as follows: BTG (up 54%), BTC (up 41%), XRP (up 39%) and LTC (up 24%).
The Litecoin, Ethereum and Bitcoin assets, however, when measured in terms of their dollar holdings equivalents, they had a marked reduction in value. BTC fell by 19%, while ETH and LTC fell by 10% and 7% respectively. Part of the reason why these other coins experienced a marked decrease was due to the introduction of XRP support. XRP immediately gained a 39% share.
The class-leading performance by cryptocurrency could be attributed to the fact that most Dash holders have very high retention scores compared to other digital assets. They held on to their Dash holdings longer than the rest. You could describe this as accumulation in anticipation of future price gains. Apparently, several Dash supporters are taking advantage of the bear market to load up on their bags for the bull season. According to a report by DashNews.org, “Dash buyers buy the most and sell the least.”
Dash has had some crazy adoption metrics in the past year alone across the Latin American region including the countries of Venezuela, Columbia, Argentina, and Brazil. These countries have one thing in common and that is increasing inflation and falling economies.
Venezuela is currently leading in terms of inflation as is also leading in terms of Dash adoption. There are more merchants accepting Dash than any other country in the world followed by the USA and then Columbia. The rise in demand for Dash cryptocurrency has had a positive impact on the value of Dash and supporters expect that as the market makes a reversal, Dash will see the highest gains and more adoption and therefore they are accumulating while they still can.