The open-source cryptocurrency DASH has led the surge in altcoins over the past 24 hours, peaking at $185 early this morning – an incredible 26 percent increase. The coin has leveled out slightly since but is still up 21 percent and trading at around $175.

The DASH cryptocurrency is a fork or Bitcoin and is managed by a decentralized autonomous organization (DAO), meaning it has no central authority and operates without the need for any third-party interference.

The automotive and electronics blockchain protocol IOTA also enjoyed considerable gains yesterday, up 16 percent and still climbing. Other notable coins with double-digit increases include DigiByte, VeChain and Gas, each up between 12 to 14 percent. ZCash, NEO, Tron, and Monero follow closely behind with almost 10 percent increases each.

Dash in Venezuela

The recent success of DASH is likely due to its rollout to smartphones across Venezuela, which is suffering a massive economic crisis. Venezuelans have been desperate for alternative methods to pay and store money in the country, with Bitcoin also seeing a huge rise in popularity over the past few months.

Venezuela’s local currency the bolivar was devalued by 95 percent last week and the government is now attempting to launch its own cryptocurrency, the Petro, which will be backed by the countries oil reserves. Venezuela’s annual inflation growth is predicted to reach 1 million percent this year.

DASH partnered with South American crypto-focused mobile phone company Kripto to provide Venezuelans with the phones, which feature a pre-installed Dash wallet. There are reportedly over one thousand merchants across Venezuela already accepting payments in Dash

While smaller altcoins have seen the most impressive gains this week, the majority of the big players, including Bitcoin, Ethereum, and XRP, are also up by around 2 to 3 percent each.

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