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DASH doubles its value since the start of the year amid Venezuela Internet outages

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  • Dash price increased by over 100% in the first two weeks of 2020.
  • Internet outages in Venezuela might have played a role in the massive price increase.

Dash is one of the best-performing altcoins out of top-20. The coin has gained nearly 30% of its value in recent 24 hours and hit $85.79 in recent hours. Decpite the retreat towards $83.57 by press time, it is still retains strong bullish bias amid high volatility. Dash average daily trading volume nearly doubled in recent days and exceeded $500 million. Dash is most actively traded against BTC.

Venezuela Internet outages support Dash

It is no secret that Dash is one of the most popular digital coins in crisis-stricken Venezuela. Since the beginning of the year the coin’s price has increased by over 100%, while Bitcoin has gained only 19% within the same time frame. 

Cryptocurrency experts often attribute Dashes; success to massive adoption in Venezuela. Recently, Burger King added the coin to the list of accepted payment methods in one of its 40 the restaurants in the country. While the event itself had a limited impact on the market, it encouraged a wave of speculative interest. 

Also, a massive

Internet outage in Venezuela on January 13 might have served as additional boost to Dash that can be bought and sent via SMS service. Thus Dash SMS wallet Dash Text continued to work during blackouts back in March 2019 and during Internet outage in January 2020.  

Netblock.org, the comoany that tracks disruptions and shutdowns, wrote on Twitter:

Confirmed: Total internet outage with #Venezuela’s state-run operator ABA CANTV affecting Bolívar, Monagas and parts of Anzoátegui from 8:00 a.m. local time; incident ongoing.

DASH/USD: technical picture

From the technical point of view, DASH surpassed SMA200 daily for the first time since July 27, 2019. While this development is regareded as a strong bullish signal, the charts imply that the correction may be underway as the daily RSI has entered an overbought territory. Moreover, the price rushed outside the Bollinger Band (daily), which is also a signal of an overstretched market. 

The initial aim of the correction is $74.00 ( the upper line of the daily Bollinger Band). If it gives way, the retreated may be extended towards $70.00 and %9/00 (SMA100 daily).

On the upside, a sustainable move above the recent high will open up the way towards $97.00 (SMA50 weekly) and $100.00.

DASH/USD daily chart

More: Two cryptocurrencies to buy in 2020

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Dash Core Group’s Taylor claims Libra won’t launch in 2020

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Dash, one of the world’s top cryptocurrencies, was recently in the news after it recorded a gain of about 70% over 48 hours. At the time of writing, Dash was trading at $103.34.

Formerly known as ‘Darkcoin,’ Dash forked out of Bitcoin to offer faster, transparent, and more secure transactions to users. In a recent podcast, Ryan Taylor, CEO of Dash Core Group, spoke about the coinjoin mixing technique the cryptocurrency offers, adding that the technique provides an added level of privacy that otherwise isn’t available. However, while conceding that privacy is something all cryptocurrencies offer, Taylor noted that the only difference is the extent of privacy provided by cryptocurrencies such as Dash. 

Taylor also spoke of Dash’s increasing adoption rates over the past few years, citing the case of Venezuela, He said,

“There’s a great deal of adoption in Venezuela. Dash is neck to neck with bitcoin in terms of usage.”

A recent report also noted that Dash wallets had grown by over 400% in 2019 in Venezuela. In developing nations where people are struggling with the economic downturn, cryptocurrencies might not really be an alternative as many do not have access to smartphones, Taylor said. However, he claimed that

Dash has a solution for this, stating, 

“A team out of Venezuela developed a ‘Dash Text’ solution, a hosted wallet that leverages one’s phone number. Those without smartphones can just walk up to a merchant – they will be given a code- the customers then have to text the code to the merchant. The transaction will be thus processed on their behalf to the merchant.”

Taylor also revealed that inflation is not the only reason why people are tilting towards cryptocurrencies. He noted that in developing countries, with the power structure and all other kinds of payment restrictions ( limitations on bank withdrawal and more), people preferred another alternative. Solving these real-world problems, he said, is the way to crypto-adoption, adding that, “Dash is enabling use cases that other cryptocurrencies couldn’t.”

Taylor also opined on Libra‘s upcoming launch in 2020, declaring that Facebook’s stablecoin would not launch this year

.He stated,

“Libra might get certain obscure third world countries to allow the experimentation where things are so bad that people are desperate for an alternative, but I don’t think things are going to work out for Libra this year.”

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Dash (DASH) Soars Over 75% In 2020, Is $100 Possible?

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As at December 27th, Dash recorded intraday lows of $38.50 USD, signaling a possible bottom for the privacy coin. Through the first two weeks of January, the price of Dash has shot up over $70.00 USD, representing an 84% increase since Dec.27 – 75% soar since the start of 2020. The spike in Dash price can be attributed to the increasing adoption across Venezuela and Argentina as well as the recent release of the Evolution Testnet, a project that comes to the market two years later than first promised.

Dash boosts over 75% in past fortnight

The price of Dash (DASH) has performed exceptionally well in 2020 after a rather slow 2019. DASH’s price experienced exponential growth in the past two weeks pushing the coin up 14 places on the Coinmarketcap rankings. Starting the year off changing hands at $40.05on the dollar, DASH spiked through the last two weeks to trade at $70.641 USD, breaching the key resistance levels at $52, $57 and $60 on its way up.

The 75% spike in 2020 has seen DASH break into the top 20 cryptocurrencies with a total market cap of $655 million USD. The price

trends in line with the upper 20-day Bollinger Band with the middle line providing near term support signaling a possible continuation of the bullish run with resistance at $80.00 USD firmly in sight

Evolution Testnet release sparks off Dash’s massive bull run

According to a post published by the Head Product Manager at Dash Platform, Dana Alibrandi, Dash successfully launched the long-awaited upgrade, Evolution Testnet at the end of December and the market is finally reacting to the launch.

The upgrade on the Dash protocol enables users to replace their wallets cryptographic codes with simplified usernames which reduces the cases of confusion and human error. Notwithstanding, the upgrade integrates other blockchains offering interoperability in a bid to enhance the development of efficient and wide variety of decentralized applications.

Can Dash break $100? Price predictions are rather tricky on such an asset with wild volatility, but Dash shows prospects of hitting $100 in an oncoming uptrend if bulls are able to hold price above $70 USD as the market enters into the consolidation phase.

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Dash Surges by Over 16% as Bitcoin Price Hovers At $8,100

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Sunday, Jan. 12 — most of the top cryptocurrencies are reporting moderate gains on the day by press time, as Bitcoin (BTC) hovers around the $8,100 mark again.

Market visualization

Market visualization courtesy of Coin360

Among the top cryptocurrencies, the one that has seen the most growth over the last 24 hours is DASH, which was up by around 16.27% at its peak. The coin currently stands at $66.84 with a 13% gain over the past 24 hours. The weekly chart shows a growth of 33.7%.

Dash 7-day price chart

Dash 7-day price chart. Source: Coin360

Also NEO has seen notable growth, with its current price of $10.35 being exactly 7.45% higher than the same time yesterday. Over the last week, the coin grew by 11.44%.

Neo 7-day price chart

Neo 7-day price chart. Source: Coin360

Bitcoin price is currently up by 0.48% on the day, trading at around $8,102 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 8.28%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $15.8 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $9.3 billion at press time.

Coin360 data shows that ETH has seen its value increase by about 1.37% over the last 24 hours. At press time, ETH is trading around $144. On the week, the coin has also gained about 5.1% in value.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

XRP is up by about 2.04% over the last 24 hours and is currently trading at $0.214. On the week, the coin is up by 10.3%. The coin’s price is still holding on to a big portion of the gains that it obtained at the beginning of the week.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

At press time, the total market capitalization of all cryptocurrencies is $217 billion, about 8.66% higher than the value it reported a week ago.

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