Dash erases the gains it saw after the 2 MB block size announcement
|Dash, the 6th largest cryptocurrency by market cap, saw a fair bit of volatility in the past week. While everyone was watching the war between Bitcoin and bitcoin cash, Dash exploded over the weekend. After reaching the all-time-high level of 600, DASH/USD erased over half of its gains and has been closing the past few trading sessions below 50% Fibonacci retracement level at around $420. The Dash network operates on a two-tier platform, split between miners and network “nodes” which approve new transactions. To create an incentive system for nodes to help the network run smoothly, the value of each new block on the blockchain is attributed equally — 45% to miners and 45% to the master node. The remaining 10% goes into a joint pool of funds held by the network. Last week, one of the platform’s developers announced a network update which will increase the transaction size for each block to 2 megabytes (MB). That’s the size which bitcoin developers just rejected, electing to maintain a capped size of 1MB, while BCH has an 8MB capacity. After the big surge on the announcement, however, market participants now seem indecisive as to which direction to take DASH next, as the bears and bulls seem to be equally strong. At the moment. If anything though, the future cloud of Ichimoku Kinko Hyo’s daily setup has turned sharply bullish. Thanks for watching, invest responsibly, and I’ll see you with more updates next time.
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