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Dash price climbed higher today, rising to $1,557.97 for a market capitalization exceeding $12 billion, marketcap data from CCN shows. The price marked a record high for the currency, which began rising this past spring.
Dash’s rise accelerated significantly, jumping from $1,126.85 yesterday to $1,576.93 at 15:34:03 UTC today. Dash more than doubled the all-time high of $600 that it reached about one month ago.
Dash Benefits From Upgrade
The latest version of Dash Core, which was deployed just days before 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, 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, and some residents have turned to cryptocurrencies as an escape hatch.
Nearly half of Dash’s volume is concentrated on South Korean 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%.
Also read: Dash hits all-time high as bitcoin, Bitcoin Cash struggle
What Explains The Growth?
This past week, analysts have claimed 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 scalability 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 higher performance. Dash, he said, 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.
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Featured image from Shutterstock.
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