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While most cryptocurrencies are still licking their wounds after suffering major losses, the Dash price is setting a new all-time high. It is remarkable to see how this is the only currency making any sort of positive impact amid the Bitcoin price correction. With the Dash price swiftly approaching $850, things will certainly get very interesting moving forward.
ANOTHER ALL-TIME HIGH DASH PRICE
This past few week has been an extremely profitable rollercoaster for Dash holders. This popular altcoin saw its value rise from $540 all the way to over $800 in quick succession. One would expect altcoins to suffer a bit from all of the Bitcoin woes, but that is no longer the case whatsoever. In fact, the Dash price is actively bucking this negative trend in both USD and BTC value. That in itself is rather impressive, as no other cryptocurrency in the top 10 is in the green right now.
With the Dash price increasing by almost $300 in just a few days, there is an obvious reason for concern as well. it is true Dash has a very limited supply of coins which are available on the open market. A large amount of coins is locked up in masternodes, which provide valuable services to the Dash network. This means it doesn’t take much effort to move the market in any direction, and so far, it seems the Dash price rise is far from over.
Moreover, with the Dash price escaping any major corrections so far, it remains to be seen if things will remain so bullish. More specifically, we may see the Dash price suffer from a bigger correction compared to other currencies, but that is all mere speculation at this point. After all, Dash is still up by 25% in USD value and even 32.5% in BTC value. This is pretty remarkable, but all good things will come to an end sooner or later.
So far, the Dash trading volume is still pretty strong. With over $600m worth of Dash changing hands in the past 24 hours, it is evident people are more than willing to pay an arm and a leg for this currency. Whether or not they are buying to make money or effectively use this altcoin, is a question no one can answer right now. Then again, the same applies to pretty much any other cryptocurrency in existence as well.
Not surprisingly, the Dash trading volume is mainly originating from the Bithumb exchange. It has over 35.7% of all trading volume, which is a pretty interesting indicator. Bitfinex is the surprising second exchange on the list, followed by Poloniex. One would expect Bittrex to be more popular than Poloniex for altcoin trading, but it seems Dash may be one of the exceptions in this regard.
How all of this will play out for the Dash price in the future, remains to be determined. It is evident there is a lot of momentum in favor of this altcoin, even though this is merely based on speculation. Once the market turns sour, a massive retrace would not be out of the question whatsoever. Dash is one of the few currencies successfully decoupling itself from Bitcoin right now, but it remains to be seen if this is a permanent trend.