The cryptocurrency Dash (DASH) gained 62% in a matter of hours on Wednesday, compounding incredible 241% growth for the week.
The cryptocurrency Dash returned to prominence on Wednesday after a sizable 62% growth surge over a matter of hours.
On Tuesday afternoon, one unit of Dash was seen trading at a price of $80.56. By shortly after midnight, its value had ballooned to $130.96, before falling again to the $118 mark.
In an instant, the coin’s weekly, monthly, and quarterly highs were all exceeded during the surge. In fact, you have to go back to July 13, 2019 to find Dash priced the same as it is now.
Like the rest of the cryptocurrency market, including bitcoin, Dash appeared to find a bottom back in December.
Just a few weeks ago the coin was trading at a near two-year low. Since then it has gained a miraculous 241%. Just over 161% of that growth came in the past seven days alone.
According to CoinMarketCap, Dash’s trade volume spiked from $223 million up to $2.2 trillion in the past week.
A more realistic figure that excludes wash-trading can be found at Nomics, which puts current volume at $290 million. That’s still a 173% increase on yesterday’s trades numbers.
Dash is a long-serving member of the cryptocurrency community, having been created in 2014. The coin was originally named XCoin (XCO), and then DarkCoin, but a rebrand in 2015 produced the moniker of Dash (digital cash).
While not specifically hailed for its privacy capabilities, the coin does have the option to send private transactions. It was also one of the first to implement masternodes. A stake of 1,000 coins is required to run a masternode – around $118,000 at current prices.
Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
This article was edited by Sam Bourgi.