After reaching a new record above $500 on Sunday, the sixth-largest cryptocurrency by market capitalization fell back to near $350 today before regaining poise above the $400 mark.
As of writing, the dash-U.S. dollar (DASH/USD) exchange rate is $403. As per CoinMarketCap, the cryptocurrency is up 4.58 percent over the last 24 hours, and 48 percent in the last month.
The record rally seen over the weekend is reportedly due to the flow of money out of bitcoin and into alternative cryptocurrencies triggered by last week’s suspension of the Segwit2x hard fork. Following the last-minute move to halt a controversial bitcoin upgrade, the markets saw a broad rally in the tokens of competing blockchains such as dash, bitcoin cash and others.
Also possibly driving price gains, the dash core team has announced the latest release of its software, an update that would bring a 2 MB block size and lower and transaction fees. The move may further strengthen the appeal of dash as a payment network, especially among those who believe that modifications to its blockchain will ultimately boost performance.
Indeed, price chart analysis suggests the base has shifted higher to around $380 levels and that markets could revisit record highs sooner rather than later…