Dash is now the tenth-largest cryptocurrency by market cap after an increase of more than 50 percent to its price today.
The cryptocurrency is currently trading for around $140 per coin, the highest its price has been since July 2019. The surge has been enough to surpass Tron in the market cap rankings, which now falls out of the top 10 with a market cap of approximately $1.16 billion.
Prior to today’s spike, it had been a relatively lackluster few months for Dash. It hit a yearly high of $150 last July, around the same time that Bitcoin hit its own high for 2019 at just above $13,000 per coin. Since then, Dash dropped to around $75 in October and eventually fell to just above $50 in late November.
Dash price continued to mimic Bitcoin’s behavior, dropping below $50 per coin in January just as BTC wilted to under $7,000.
Recently, however, an uptick in the crypto market has given most coins a lift—and an Internet shutdown in Venezuela earlier this week may have even given both Dash and Bitcoin an even bigger boost. Cryptocurrencies, and especially Dash and Bitcoin, are popular forms of payment in Venezuela, given the hyperinflation of the country’s national fiat currency, the bolivar.
It’s unclear, however, what’s currently driving today’s big jump, though further positive developments to Dash infrastructure announced today may have helped.
Meanwhile, the rest of the market has cooled somewhat today following yesterday’s rally. Tron is up close to 5 percent and now trading at $0.0174 per coin, while Bitcoin has surpassed $8,800 per coin gaining around 1 percent in the last 24 hours.