Dash price set a new all-time high near $600 on Wednesday, bolstered by a protocol upgrade and a partnership announcement.
Dash has been riding a record-setting wave for the past week and a half, and it extended that rally this morning with a 20 percent surge. As a result of this spike, the dash price reached as far as $584 on cryptocurrency exchange Bitfinex, representing a nearly 70 percent increase from November 12, when it was trading at $346. At present, Bitfinex prices dash at $562, which is a few dollars below the global average.
Nearly half of dash’s volume is concentrated on South Korean exchange Bithumb, where DASH/KRW is priced at a USD equivalent of $579. Bithumb is a major driver for altcoin demand, but concentrated demand on that exchange is also often associated with pump-and-dump schemes.
While it’s difficult to know if market manipulation is at play, there are several legitimate factors that could be contributing to dash’s recent rally. First, the latest version of Dash Core — which was deployed just days before the rally began — increased the dash blocksize to 2MB and added several other improvements, including reduced transaction fees and more efficient private transactions.
Second, Dash established KuvaCash, a pilot program intended to promote dash adoption in Zimbabwe. The country — which is currently weathering a coup — has a notorious history of monetary policy. As CCN.com has reported, Zimbabweans are disenchanted with the central bank’s inflationary bond notes, and some residents have turned to bitcoin as an escape hatch.
However, bitcoin currently has extremely high fees for minor transactions, meaning that there is likely a market for a cryptocurrency that can be used to make everyday purchases. KuvaCash — which has received the equivalent of $550,000 in funding from Dash — intends to develop a phone-number-based cryptocurrency payment service that will allow Zimbabweans to seamlessly move between dash and USD.
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Last modified: June 10, 2020 1:28 PM UTC