While the entire cryptocurrency markets have been going all GA-GA with the jump in Bitcoin prices, another cryptocurrency – Dash – is making silent moves and has proved to be the underdog so far. In the past one month, investors were majorly focusing on the Bitcoin rise and have witnessed a 100% growth in its price in this time period. During the same period, Dash price has surged by over 200% from its month low of $267.84 to a month high of $826.95 (which is also its all-time-high) according to the technical charts on CoinMarketCap.
This is certainly a rare case because usually, the other altcoins are seen to be going always opposite to the Bitcoin trends. However, this time surprisingly, it has not been the case and in the past month Bitcoin, Ethreum and other altcoins have contributed alike taking the cryptocurrency markets valuations to a record high above $325 billion.
There are several factors in consideration which might have probably contributed to the rise in Dash price over the past month. The latest version of Dash Core – released just before the start of the rally – has brought a lot of improvements in the Dash network like reduction in transaction fees, more secure and efficient private transactions and most importantly increase in the Dash blocksize to 2MB.
Moreover, Dash has currently established KuvaCash specifically aimed at the Zimbabwe market which has recently been gripped with a coup. Owing to the countries highly fluctuating and rapidly changing monetary policies citizens have found a new haven of using cryptocurrencies for fund transfers. Also, as Bitcoin transactions have now become costly compared to the earlier scenario, Dash seems to chip in the opportunity and provide an alternative to Bitcoins with minor transaction fees.
KuvaCash is basically a phone-number-based cryptocurrency payment service allowing to seamlessly move funds between Dash and USD. KuvaCash is also said to have received a $550,000 equivalent funding from Dash.
KuvaCash’s finance and technology director Andreiko Kerdemelidis said: “The bonds the Zimbabwean government introduced in 2009 (pegged against the USD at a 1:1 exchange rate) are a stopgap measure. We don’t know what the long-term plan is for these notes but it is fair to say that Zimbabweans currently prefer USD bills to extant mobile-phone based payment solutions or bond notes. KuvaCash will give locals an ideal alternative to improve their ability to do business and buy everyday goods and services without hassle, overpaying on fees, and using secondary markets.”
Famous economist and bitcoin advocate – Mas Keiser has been quite bullish on the growth prospects of Dash. While talking to Dash Force News, he said “DASH is emerging as the crypto payment rail while Bitcoin asserts itself as Gold 2.0. I suggest those frustrated by the Bitcoin scaling debate to embrace DASH for payments and leave Bitcoin Core alone to continue working on Gold 2.0.”
The 24-hour trading volume for Dash stands at a significantly higher number with $600 million of Dash coins changing hands. The major trading volumes have been contributed by Bithumb exchange, followed by Bitfinex to be second and Poloniex as third. It is surprising to see that Bittrex which has been a popular exchange specifically for altcoins trading doesn’t stand on the top three list.
Currently as per CoinMarketCap, Dash is trading at the price of $683.13 USD.