While the events around Bitcoin (BTC) and Bitcoin Cash have dominated the headlines in the last couple of days, another digital coin have managed to impress with its performance in the past 24 hours.
The Dash price (DASH/USD) surged in yesterday trading, gaining nearly $200 to close on an all-time high of $536.12, according to Coinmarketcap. Thanks to the price jump, the privacy-focused coin temporarily overtook Litecoin (LTC) as the fifth-largest cryptocurrency in terms of market capitalisation. LTC was able to retain the fifth place in recent trading, due to Dash retreating to lower levels.
At the time of writing, the Dash price was hovering around $410, down more than 20% from yesterday’s close. The price correction has developed gradually over the course of today’s session, data from Coinmarketcap shows.
The Dash rally has been supported by a spike in market activity that saw its trading volume rising to $476.2 million yesterday. The coin’s 24-hour trading volume currently stands at $568.5 million, with South Korea’s Bithumb exchange accounting for nearly 31% of that volume. US-based cryptocurrency trading platform Poloniex comes in second with 18.6%.
Like Bitcoin Cash, Dash has seemingly benefitted from last week’s suspension of the SegWit2x hard fork, which was planned to hit the Bitcoin blockchain around November 16. The update was designed to increase the Bitcoin block size to 2MB, but the plan was called off after the 2x leaders deemed that there was not sufficient consensus within the Bitcoin community for a clean implementation of the change.
But, whereas Bitcoin has rejected bigger blocks, the Dash community has embraced them. In early 2016, 99% of the Dash network voted in favour of upgrading to 2MB blocks and last week it made a big step toward realising that plan by rolling out the Dash version 12.2 upgrade. In addition to the block increase, the upgrade introduces a number of other changes to the Dash protocol, including a tenfold transaction fee reduction, vulnerability fix and an improvement to Dash’s PrivateSend feature.
In today’s trading, the Dash price stood at $408.38, as of 14:53 GMT. The coin has gained 6% over the past 24 hours.
For further information on how to buy and trade Dash, see our comprehensive Dash guide.