Bitcoin isn’t the only cryptocurrency that looks bullish this year. In fact, there are alt-coins that have also enjoyed the same trend as Bitcoin.
It looks like Dash is going to end 2017 above the $1,000 mark. Dash’s value increased significantly in 2017. From a mere under $10 value, Dash is currently at $1,096.
What makes Dash different? This alt-coin focuses heavily on privacy. Dash is also known for fast transactions. Dash also makes use of proprietary technologies including InstaSend and Private Send. And for any virtual currency that prioritizes its users’ privacy, you can expect it to be in demand sooner or later.
Factors at play
So what are the factors that made Dash break the $1,000 resistance? Aside from the privacy that it offers, it is worth mentioning that Dash is quite difficult to purchase by default. It is more expensive to buy this altcoin mainly due to the fact that a large amount of its coins are locked in its masternodes. In effect, it reduces the amount of circulating supply available.
It also seems that Bitcoin’s price increase really doesn’t drive the value of other popular altcoins down. Instead, it made a positive impact on the value of other altcoins including Litecoin and Dash. It is possible that a lot of individuals are actually diversifying their virtual currency portfolio at this point after Bitcoin’s unprecedented rise in value.
Some experts are also not discarding the possibility of market manipulation at play. However, it is quite difficult to know at this point.
Also, there are different plausible factors why Dash is increasing in value these days. One, you have the latest version of Dash Core. This increased the dash blocksize to 2MB. In addition to this, it also added improvements including reduced transaction fees and better private transaction option.
Then, you also have KuvaCash. It is a pilot program that was meant to help promote the adoption of dash in Zimbabwe. Since Zimbabwe is currently experiencing monetary issues today, residents have turned to cryptocurrencies in order to purchase their goods. In fact, Zimbabweans prefer KuvaCash over the government bonds that were introduced in 2009. Probably, it is due to the fact that there is really no long-term plan for the government issued notes.
So why not use Bitcoin? The reason why residents aren’t using Bitcoin is due to the high fees even for minor transactions. This only means that Bitcoin may not practical to be used for everyday purchase.
That’s where KuvaCash becomes useful. It has received $550,000 worth of funding from Dash. KuvaCash plans to develop a cryptocurrency payment service that is based on phone-number. In addition to this, this will allow Zimbabweans to use both USD and dash for their transactions.
Mas Keiser even mentioned that “Dash is emerging as the crypto payment rail while Bitcoin asserts itself as Gold 2.0”.
Will Dash remain bullish for 2018? Does it really have an appeal because of its ability to ensure user privacy? This remains to be seen given the volatile nature of altcoins.