While most cryptocurrencies are still licking their wounds after suffering major losses, the Dash price is setting new all-time highs. It is remarkable that this is the only currency making any sort of positive impact amid the Bitcoin price correction. With the Dash price swiftly approaching US$850, things will get very interesting soon.
Another All-time High Dash Price
This past week has been an extremely profitable roller coaster for Dash holders. This popular altcoin saw its value rise from US$540 all the way to over US$800 in short order. One would expect all altcoins to be suffering from Bitcoin’s ongoing woes, but that is no longer the case whatsoever. In fact, the Dash price is actually rising against both BTC and USD. 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 US$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 avoiding any major corrections so far, it remains to be seen if things will remain so bullish. We may see Dash suffer a bigger correction compared to other currencies, but that is all mere speculation at this point. After all, Dash is up by 25% against USD and 32.5% against BTC over the past 24 hours. This is pretty remarkable, but all good things will come to an end sooner or later.
So far, Dash’s trading volume is still pretty strong. With over US$600 million 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 to actually 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.
Not surprisingly, the Dash trading volume is mainly originating from the Bithumb exchange, which has seen over 35.7% of today’s volume. Bitfinex is the surprising second exchange on the list, followed by Poloniex. One would expect Bittrex to be more popular than Poloniex for trading altcoins, 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 it is merely based on speculation. Once the market turns sour, a massive retracement is not out of the question whatsoever. Dash is one of the few currencies which has successfully decoupled itself from Bitcoin, but it remains to be seen if that is a permanent trend.