All cryptocurrency markets find themselves at a very interesting crossroads. Although it seems evident the Bitcoin price is going up in value, most of the altcoins do not benefit from this momentum. The Dash price is the only real exception in this regard, thanks to a relatively solid uptrend in the past 24 hours.
Dash Price Continues to Surprise
It is evident there is a lot of momentum across all cryptocurrency markets. In most cases, the momentum is anything but positive right now, despite the value of Bitcoin going up. Most people assume the Bitcoin price will automatically drag all altcoins up alongside with it, but that is clearly not always the case.
One exception to this odd situation is the Dash price. This particular altcoin has seen a fair amount of positive momentum over the past 24 hours. It is also one of the few altcoins which effectively gains on Bitcoin. This has all culminated in a net 5.57% gain for the Dash price in the past 24 hours. This pushes the Dash price to $278.75, a value which hasn’t been seen in a while.
In the Bitcoin department, Dash is also making a lot of inroads. The Dash/BTC ratio has increased by 4.17% in the past 24 hours. Given Bitcoin’s current momentum, it is all the more important for altcoins to at least maintain their ratio against the world’s leading cryptocurrency. Dash is one of the only currencies which effectively improves its ratio against Bitcoin right now, which is fairly interesting.
Unfortunately, it would appear virtually all cryptocurrencies are seeing less trading volume over the past day. Although there is still over $16bn worth of trades, it’s nearly $4bn less compared to two days ago. For Dash, the volume is rising a bit, as $194.372m in 24-hour trades is not that bad, all things considered. Rest assured this number will continue to change in the coming hours.
As one would come to expect, ZB.COM is still the biggest exchange for Dash trading volume right now. It dominates the charts with over 58% of all trades through its USDT and BTC pairs. HitBTC’s BTC pair doesn’t come even close in this regard. Huobi’s USDT pair and Exrates’ BTC market complete the top five. No fiat currencies is a bit unusual given the current momentum, although it is not necessarily something to be too worried about.
Whether or not the Dash price momentum will continue, is a different matter altogether Given Bitcoin’s current stability, one would expect more altcoins to go in the green as well. Even though that wouldn’t necessarily affect the Dash price in a negative manner, it can cause some changes in quick succession. Another interesting weekend looms ahead for the cryptocurrency industry.