Dash’s active addresses, a key cryptocurrency adoption indicator, have passed those of Litecoin for the last week in a row, continuing a long-term reversal trend.
Change in active addresses (7d avg) in August. $Dash vs. Bitcoin versions. pic.twitter.com/zJ8lJasmzd
— freemover (@freemover369) September 1, 2019
As of this week, according to data from BitInfoCharts, Dash has outpaced Litecoin for every single of the last seven days for total active addresses for a 24-hour period. This continues an ongoing reversal trend, with Dash and Litecoin trading places for active addresses frequently over the past six months. The change in the trend originally occurred in mid-January of this year, with Dash overtaking Litecoin for a 20-day streak. Prior to that point, Dash had only passed Litecoin a total of six days for years prior, dating all the way back to summer of 2017. At time of writing, Dash lists 57,993 active addresses compared to Litecoin’s 39,772.
Dash’s growth in key adoption metrics versus competitors
Dash has showed increasing growth against top coins like Litecoin in key metrics associated with cryptocurrency adoption. Earlier this year Dash staked its claim as the top coin with the fastest growing active addresses, outpacing even Bitcoin, which saw net growth in active addresses over the past year. Additionally, in terms of total network transactions Dash has been noticeably gaining on Litecoin, even passing it several times recently, though not as consistently or dramatically as active addresses.
Bullshit ranking (market cap): $Dash number 18
Usage ranking (active addresses): Dash number 5 and the only OG coin that has been consistently growing, even in a brutal bear market.
This insanely irrational market offers gigantic investment opportunities. pic.twitter.com/dgYzuDAwla
— freemover (@freemover369) October 9, 2019
Across the board, other cryptocurrencies have made steady gains in adoption metrics, while Bitcoin has stagnated. With metrics including transactions, active addresses, and distribution of median and average transaction value, the trend seems to show that other cryptocurrencies such as Dash are being adopted more for smaller and more regular payments than Bitcoin.
Waning influence of older cryptocurrencies
The influence of older cryptocurrencies over the rest of the field, including that of Litecoin and Bitcoin, appears to be lessening. A new study by Indexica shows that the influence that the price of Bitcoin has over the rest of the cryptocurrency market has gone down recently, a direct result of the increasingly mature and diversified space. This may be because additional options exist for entrance into the space, with new users able to invest in their favorite projects directly rather than first buying Bitcoin, as well as the increasing diversity of projects available to support, some of which may be more specialized for the intended purpose, rather than attempting to pin all hopes on Bitcoin.
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