With Dash Price hitting a new high Altcoin owners can breath easy that a bullish Bitcoin does not always mean bad news.
Dash – a peer-peer cryptocurrency formerly known as DarkCoin and XCoin. Dash was created in 2014 previously with the name – XCoin and got its name changed to DarkCoin in February 2015. On March 25, 2015, DarkCoin was renamed Dash through a rebranding process. Since its creation, Dash has remained a relevant Altcoin (alternative cryptocurrency) in the cryptocurrency space.
DASH GOES BULLISH
Price has surpassed the $500 price area and almost at the $600 price region.
Dash which has been on the bullish move since the past week, further extended the rally with a 20 percent surge yesterday which moved the Dash price to as high as $584 on Bitfinex. Dash gained almost 70 percent since November 12 when it traded at $346.
It is pertinent to note that Bithumb – a South Korean cryptocurrency exchange currently trades almost half of Dash’s total volume. As at press time, the DASH/KRW pair is trading at a US dollar equivalent of $579.
According to Coinmarketcap at the time of filing this report, Dash has a market capitalization of $4.32 billion and a market price of $561.24, making Dash the fifth largest cryptocurrency when it comes to market capitalization.
POSSIBLE BULLISH TRIGGERS
Crypto analysts believe Dash’s massive price gain is as a result of the Dash protocol upgrade- Dash Core.
The upgrade has successfully increased the Dash protocol block size by 2MB, has lowered transaction fees and made private transactions more efficient.
Another bullish trigger could be the new Dash product-KuvaCash.
According to the dash team, KuvaCash will help promote Dash adoption in Zimbabwe which is trying to recover from a military coup which saw the ousting of Zimbabwe’s President Mugabe, who has ruled Zimbabwe in a regime that lasted for 37 years. The inflation rate in Zimbabwe is very high, and Bitcoin has since been adopted as a medium of exchange and a store of value by many citizens of the southern African nation.
DASH EXPECTED TO GO HIGHER
Bitcoin transactions fees are still on the high side at the moment because most wallets and exchanges are yet to integrate Segwit into their codebase fully. Many Bitcoin investors have been using altcoins to carry out small day to day transactions.
Dash price is expected to rise even further in the short term because of its faster transaction confirmation time and low transaction fees.