Dash price increased today, price rose to $1,557.79 for a market capitalization exceeding $12 billion, marketcap data from CCN shows. The price marked the highest price, which began rising the past spring.
Dash’s price accelerated significantly, from $1,126.85 on Tuesday to $1,576.93 yesterday afternoon. Dash more than doubled the all-time high of $600 that it reached about one month ago.
The latest version of Dash Core, which was deployed just days before the rally began to accelerate in November, increased the Dash block size to 2MB and added several other improvements; including reduced transaction fees and more efficient private transactions.
Dash also established KuvaCash. This is a pilot program intended to promote Dash adoption in Zimbabwe, a country with a notorious history of monetary policy. Zimbabweans are disenchanted with their central bank’s inflationary bond notes. Some residents have turned to cryptocurrencies as an escape hatch.
Almost half of Dash’s volume is concentrated on South Korea exchange Bithumb, a major driver for altcoin demand, even though demand on that exchange is often associated with pump-and-dump schemes.
Dash is among the altcoins to post strong performance this past week; as bitcoin’s dominance index fell below 50% for the first time since October. After a week-long rally, Dash, Ethereum, Litecoin, Ripple, Cardano, IOTA, NEM and EOS, all of the top 10 cryptocurrencies with the exception of bitcoin and Bitcoin Cash, recorded a daily gain of over 10%.
What is driving the growth?
The past week, analyst claim that the entrance of institutional money and hedge funds into the cryptocurrency market initially by Bitcoin Futures have led investors to explore other cryptocurrencies in the market.
Others have attributed the success of altcoins to the issues of bitcoin and the lack of Segregated Witness integration by businesses. Leading wallet platforms like Blockchain and Coinbase, along with bitcoin transaction fee prediction platforms, have been recommending a transaction fee in the range of $10 to $30; due to the state of the bitcoin mempool; the holding area of unconfirmed transactions.
Dash has its own scalability plan that’s focused on on-chain scaling. Dash’s founder Evan Duffield stated in a Medium blog that many believe that on-chain scaling is impossible. But that’s because they haven’t explored alternative P2P architectures for better performance. He said that Dash intends to show how far an incentivized second tier architecture can take a project.
Earlier this year, Dash released its roadmap for mass adoption. Dash Evolution has been designed as a scalable and user-friendly currency platform for mass adoption.
The user capacity will increase with each development stage. Dash plans to double the number of developers with each release.