Dash (CRYPTO: DASH) exploded on Monday, extending its winning streak in an otherwise downtrending cryptocurrency market.
DASH Rallies While Other Cryptos Struggle
The Layer-1 cryptocurrency soared 70% in the last 24 hours, reaching values not seen since January 2022.
DASH’s trading volume spiked 32% to $1.38 billion, suggesting high liquidity and buying pressure.
The token was the market’s biggest gainer in the 24-hour period, shrugging off the declines in blue-chip currencies, such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
With the latest surge, DASH extended its weekly returns to over 187%, far outpacing other tokens in the market.
See Also: Grayscale Pushes Crypto ETFs Forward With First U.S. Solana-Staking ETP
Capital Rotation Into Privacy Coins?
DASH, a Litecoin (CRYPTO: LTC) fork, was launched in 2014 as a payment method with a privacy focus.
As outlined in its whitepaper, DASH aims to improve upon Bitcoin (CRYPTO: BTC) by offering enhanced privacy features.
DASH’s rally was spurred by a broader interest in privacy-focused coins, with the total market capitalization for such assets increasing 6% in the last 24 hours, according to CoinGecko.
Price Action: At the time of writing, DASH was exchanging hands at $146.54, up 70% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Vector-3D on Shutterstock.com
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