Privacy-centered altcoin Dash has broke past $550 for the first time as the company provides further updates and features.
It’s an interesting occurrence when the strongest cryptocurrencies are increasing in price simultaneously. Dash passed the $500 mark last night and still is floating at above $550 at the time of this writing. DASH may go up to prices of at least $600 by later this week. What will push the price up?
Dash Price Keeps Rising
The year of 2017 has seen the rapid rising tide of bitcoin and it seems that this rising tide is lifting all boats, at least, at this present moment. Dash has seen tremendous growth this year as it started trading around $12.00 per coin and now is trading at a significant premium of $550. Bitcoin, being the pioneer, may be drawing a lot of the attention overall with it’s various interesting events (Segwit, Segwit2x, and various proposed and implemented hard forks) but some altcoins may be carrying a lot of hidden value and might be poised much more further growth.
In 2016, the price for Dash remained relatively flat, trading around $8 – $10, with little gains and some minor fluctuations all year round. Those who purchased on the dips and held until this year would have been greatly rewarded. They would have seen their investment increase from $8 to $570. That’s a hefty return. That’s at least a 5,000% increase in the value of the portfolio. In a time where in places like America and the UK, interest rates are low and investors are seeking to find significant returns, making returns like this, all the more significant.
The growth of Dash is astounding but what are the potential reasons for it having risen this drastically?
Sure, the team has made some updates to their system and have been visiting conferences while deploying strong marketing in places like Venezuela over this past year. But does this add up? Not really. Unless the adoption in Venezuela is happening rapidly, this rapid price increase doesn’t make too much sense.
Remember the reason why Dash was created, it was because bitcoin wasn’t as fast or as anonymous as it needed to be. Darkcoin, which later became Dash, stepped into fill this market need. The dash team has been working over time and recent events are providing them with more strength in the marketplace.
The core of dash is to be a peer-to-peer decentralized electronic cash. It’s aim is to be as liquid as real cash which people will use in their respective countries like USD/GBP/EUR/INR or CNY.
Dash emphasizes speed and privacy and has the added benefit of having a low transaction fee.
Updates (Technical & Business Development)
The team over at Dash have been making constant strides, promising specific updates and delivering on time.
Their latest release allowed for a whopping 10 times reduction in transaction fees and increasing of space to 2MB blocks.
Business Development front
The project has just recently inked a deal with Kuvacash to help ease the pains caused by inflation in the greatly politically and economically troubled Zimbabwe.
The recent spike in pricing might have something to do with this major occurrence, Mike Greenspan, an analyst states
“One thing that could be giving rise to this specific coin on this specific day is a $550,000 partnership that was announced between the Dash Foundation and Kuvacash, the new project aims to bring some level of financial stability to the country of Zimbabwe through a peer to peer payment system that will be accessible to anybody with a mobile phone.”
Another interesting comment was made Max Keiser, an advocate for the altcoin.
“DASH is emerging as the crypto payment rail while Bitcoin asserts itself as Gold 2.0,” he told news portal Dash Force News.
“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.”