Dash has surged in price, momentarily passing a $1 billion market cap.
Beginning the day at around $97 per coin, Dash experienced a price spike growing to a price of $146 and a market cap of over $1 billion over the next six hours. Since then the price has experienced minor corrections, but remains close to $1 billion in total for the coin. This increase is reminiscent of the February-March surge from about $16 to about $117 over the course of about six weeks.
Price surge may have been triggered by Bitcoin scaling rumors
The strong price rally for Dash includes mirrors similar increases across the cryptocurrency spectrum. Ethereum, Ethereum Classic, Monero, and Dogecoin all rose by 20-33% over the past 24 hours. Zcash in particular rose by over 100%. This across the board rise could be attributed to Bitcoin’s similar 10% rise, possibly triggered by rumors that a scaling agreement had been reached, hinting at an end to the deadlock plaguing Bitcoin and resulting in high fees and slow confirmations.
Dash’s rise could be the result of a general rise in cryptocurrency, and could also be attributed to certain Bitcoin users seeking an alternative. The rumors regarding the scaling solution reached indicate Segregated Witness (SegWit) would be implemented, and a large contingent of the Bitcoin community views SegWit and off-chain scaling solutions negatively. On-chain scaling supporters would logically flock to Dash.
Dash has had an incredible year
2017 has been a very kind year to Dash. The coin started the year at around $11 with a market cap of around $78 million. Since then, the price has grown over tenfold and the market cap has grown by even more. More importantly, Dash has scored a series of business integrations, most notable of them being with BlockCypher, which will ensure the cryptocurrency reaches wider adoption during the rest of the year.