DASH Price Watch: Crypto Proving Popular Following Venezuela’s Currency Uncertainty
Venezuela has become a major growth market for DASH, prompting speculation the price of DASH coins might increase in the coming weeks. According to Dash Core Group CEO Ryan Taylor, the South American country has become a hotbed for Dash downloads in recent weeks and it’s now the crypto’s second largest market.
“We are seeing tens of thousands of wallet downloads from the country each month,” he told the publication. Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now,” Taylor recently told Business Insider.
Price of DASH Low but Future Looks Bright
The revelation comes at a time with the DASH price chart has taken a tumble. Looking at the Dash price live on August 24, the value in USD had dropped by 0.47% compared to the previous day’s activity. Taking a broader perspective, the price of DASH has fallen from a high of more than $1,000 to $138.49 at the time of writing. In context, other major cryptos have experienced a similar drop this year. Although it’s since rebounded, the Ethereum price chart fell from $411 to $361 between August 4 and 10. Similarly, the price of Stellar has been as low as $0.20 in recent weeks.
Much of the increase in DASH activity comes as the Venezuelan government has devalued its currency. Replacing the old bolivar with the sovereign bolivar, President Nicolás Maduro is hoping to stop the current state of hyperinflation and get the economy back on track. Despite assurances that the new currency will help consumers and businesses, new stories in the wake of the change have reported a somber mood sweeping across the country. Cryptocurrencies have always offered a level of protection from economic inflation and volatility. However, the question is: why has DASH become the crypto of choice?
Now Could be the Time to Buy DASH
As a technology, DASH tokens provide one of the slickest payment systems in the industry. Thanks to its Masternode dynamic, the average transaction speed is 2.5 minutes. Compared to Ethereum’s 4.49-minute average, that’s almost twice as fast. Prior to the Bitcoin boom of 2017, BTC transactions were averaging 10 minutes. However, when the market exploded, low level payments were taking upwards of an hour to complete. Because of this, DASH has become the go-to choice for those looking to make micropayments. For Venezuelans looking to invest their money in a fairly stable asset, DASH appears to be the perfect way to fill the current void.
As researchers at Imperial College have said, cryptos need to be scalable and have a utility in order to replace fiats. Although DASH isn’t in that position just yet, the latest uptick in usage would suggest many are seeing it as a viable alternative to the newly formed sovereign bolivar. For investors assessing the price of DASH, this could prove to be extremely positive and a solid reason to invest.
*Information outlined in this article should not be taken as investment advice