Price analysis

Dash gains 5% amid the bearish markets due to massive adoption

Dash gained 5.27% in the last 24 hours to trade above $180 amid the current bearish markets. The gains may be attributed to the recent massive adoption, where about 3,000 businesses worldwide accept the coin’s payments, with nearly half of them located in Venezuela. As such, this may propel the coin’s price above its previous all-time highs at $1,000.

Over the past two days, the total cryptocurrency market cap plunged to $201 billion as bitcoin lost over 10%, moving closer to its yearly low at $192 billion. This decline started since September when the coin’s price dropped 10% in one hour, from then, the market has been on a constant decline. However, amid the bearish cryptocurrency markets, Dash managed to gain 5.27% in 24 hours.

The gains may be due to the coin’s massive adoption in over 3,000 business around the world. The number has risen significantly as the coin continued to experience massive adoption. The figure increased from 2,300 merchants just 15 days ago, equaling nearly 50 new businesses added daily over that period. The coin continues to experience exponential growth in real-world adoption while the rest of the cryptocurrency world has somehow stagnated in the bear market. According to statistics from major cryptocurrency merchant processors, there has been a sharp decline in bitcoin and bitcoin cash transactions since the end of last year.

Moreover, the many services offered by dash along with its recent improvements, such as the activation of Spork 10, have led to increased interest about what the platform can offer for many businesses. Additionally, these features have set the platform apart from the competition especially as scalability issues and higher transaction costs arise with other altcoins. Therefore, these may propel dash’s price to new price levels.

Do you think massive adoption of dash will propel its price to new levels?

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coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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