Dash Coin Soars 12.7% As Business Adoption Ramps Up

Dash (DASH) saw its coin price rise 12.7% for the twenty-four hour period ending at 11:00 UTC on Saturday, September 8th. Besides the recent outliers of Dogecoin (DOGE) and Holo (HOT), Dash has been one of the quickest to recover since the market dip of the past week.

Today’s price movement comes off the back of a recent announcement from Dash Force News that Dash is now accepted as a method of payment by over 3,000 business worldwide, with the highest concentration of them based in inflation-stricken Venezuela.

Dash Coin Price Soars 12.7%

From a twenty-four low of $174.87 recorded yesterday afternoon, Dash climbed overnight to a coin price of $197.09. As it stands Dash is the second best performer in the top one-hundred coins in the past day, yet such laudable gains still leave it some way short of a weekly high.

Before the dip of Wednesday, September 5th, Dash was trading at a valuation of $221.46, meaning it would take another surge of around 12.5% to fully recover for the week. Wednesday’s dip, leading into Thursday, wiped 26% off of Dash’s dollar value, and now we’re seeing the rebound come into full swing.

Nearly 70% of Dash’s trades today have come on the Hong-Kong based ZB.COM exchange, where the most popular trades come against Bitcoin and Tether. Overall volumes jumped to the highest recorded since September 1st, at just over $350 million.

Dash Business Adoption

The news that Dash is now accepted by over 3,000 merchants worldwide is the kind of thing that would appeal more to long-term holders than daily market traders. But sometimes a piece of positive sentiment can be echoed on the exchanges, and that seems to be the case today.

According to Dash Force News, 1,375 of those businesses are based in Venezuela, representing over 45% of the global total. Despite the wholly miserable nature of Venezuela since it fell under the hands of President Maduro’s communist dictatorship, the South American country could yet prove to be a key player in the overall adoption of cryptocurrency.

As stated in the piece by Joel Valenzuela:

“Statistics from major cryptocurrency merchant processors have shown a sharp decline in Bitcoin and Bitcoin Cash transactions since the end of last year. This has coincided with the market decline as buzz and market activity has gone down. Dash, meanwhile, has shown no meaningful decline in transaction volume despite the bear market, as well as a significantly lower median transaction value, indicating higher real-world adoption.”

It may be difficult to pinpoint exactly how much Dash’s ventures into Venezuela have been responsible for the statistics mentioned in that quote, but it does seem like Dash has the Venezuelan region wrapped up as far as crypto adoption goes.

Depending on how this experiment turns out, the final outcome from Dash’s foray into the troubled South American nation may end up having an even bigger effect than merely raising the valuation of DASH coins.

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.