Dash Price Skyrockets 17% Amidst Zcash Fund Surge
The price of Dash (DASH) surged by 17% to $56.85 on September 4, marking its highest level since May, as a rally in privacy-focused cryptocurrencies gained momentum.
The catalyst behind this surge appears to be Grayscale's spot Zcash fund, which listed on NYSE Arca on August 25 with just over $300 million in assets and has since crossed the $400 million mark. As a result, Zcash (ZEC) pushed above $1,000 for the first time in a decade.
Traders often group Zcash and Dash together as privacy and payment assets, leading to buying rotation into DASH as ZEC gained attention. There has been no major project announcement from the Dash team to explain this move independently.
A golden cross has formed on the DASH chart, with the 50-day EMA crossing above the 200-day EMA, indicating a bullish technical signal. The MACD remains above the zero line and the AO histogram shows no signs of fading.