DASH, the privacy coin that users can switch and make related transactions anonymous, is one of the best performing digital asset in the last 24 hours, adding 20%. The coin, though lodged at 18th at the time of writing, has been on a firm uptrend since the beginning of the year. In the last day, over 7.6 million DASH coins, or $593 million, has changed hands meaning investor confidence is high and the resulting demand is could thrust the coin to new highs.
DASH Has Utility in Venezuela
As one of the best performers, there are several factors that may be pumping the coin. Of note, DASH has found utility in Venezuela. The country’s economy is stricken and its sovereign currency is virtually worthless because of hyperinflation.
Although there are restrictions from the government on Petro, the oil-backed issued stablecoin, the use of alternative, public crypto assets has proliferated. It is estimated that over 2,800 business accepted DASH in Venezuela in 2018 with its CEO claiming that the coin was dominant coin, surpassing Bitcoin, in the country.
However, news that DASH–and five more coins including Bitcoin (BTC), will be accepted by Burger King as part of their pilot scheme that will begin in Sambil Caracas could be linked to DASH resuscitation. By partnering with Cryptobuyer, a Point of Sale (PoS) platform for buying and selling cryptocurrencies in Latin America, Burger King will accept DASH in all their outlets.
Commenting on the news, Ryan Taylor, Dash Core Group CEO said:
“Dash usage continues growing at a rapid rate in Venezuela, as it provides an alternative that is a more reliable payment method and store of value. We are happy to collaborate with Cryptobuyer to keep growing the Dash ecosystem and serve Burger King and its customers.”
Cryptobuyer CEO Jorge Farias further added:
“The growth of Cryptobuyer in South America, especially in Venezuela, is another example of how this region is ahead of the curve in adopting cryptocurrency as a real method of payment. Venezuela portraits a mix of situations that make it a perfect ground to deploy real-world cryptocurrency solutions, such as hyperinflation, cash shortages, deteriorated banking and communication infrastructure.”
Secondly, the shifting sentiment around cryptocurrency could be another trigger. Note that while Bitcoin gallops, altcoins are following suit. Aggressive traders prefer altcoins because of its high volatility meaning timely entries could yield high returns, a case that is clear now. As BTC adds 5%, DASH is up 20% within the same timeframe. From the chart, DASH has breached the 20-week Moving Average for the first time in 7 months buoyed by increasing trading volumes.
Dash absolutely dominates the competition! I don’t understand how you could invest into any of those coins below if you truely understood what Dash was doing/has done.
2020 is the year that people realise how far Dash is ahead! https://t.co/U9IyI58qr7
— Matt Meek (@mattmeek_) January 12, 2020
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich