Anyone who was hoping for a strong cryptocurrency market recovery over the weekend will be sorely disappointed. Things are not heading in a positive direction, and it seems Bitcoin will drag altcoins with it in the coming hours. The Dash price is losing a lot of value in quick succession right now, both in USD and BTC value.
Dash Price Spirals out of Control
In a way, it is not entirely surprising to see the Dash price go through a dip. There has been some solid upward momentum earlier this week. Such momentum does not go by unpunished, primarily, because cryptocurrencies are seemingly not allowed to note any real profits in quick succession. As such, the Dash price is effectively going down a very slippery slope as of right now.
Over the past 24 hours, the Dash price has dropped below $244 once again. This is courtesy of an 11.36% decline, which is perhaps a lot steeper than most people would have expected at this point. The cryptocurrency world is always subject to a lot of fluctuations, and it seems things will not improve later today or tomorrow.
There is also a very steep decline in the Dash/BTC ratio over the past 24 hours. With a 9.54% setback to contend with in this department, it seems highly unlikely the Dash price will recover anytime soon. Investors and speculators are looking for ways to reduce their losses, and selling off Dash holdings appear to be increasingly popular in this regard. That is a very worrisome outlook, but things are always subject to change first and foremost.
One thing working in Dash’s favor is how the currency notes some strong trading volume as of right now. Unfortunately, it can only happen because of the current price decline and people are panicking more than anything else. The current $153.193m in 24-hour volume is primarily driven by people looking to sell Dash, rather than stock up on it at a cheap price.
As has been the case for a while now, the ZB.com exchange is still responsible for most of the Dash trading volume. It still generates over 4.5% of all trades through its BTC and USDT pairs. Huobi’s USDT pair is well behind, followed by HitBTC’s and Binance’s BTC pairs. No fiat currency support in the top eight is a bit problematic, although it remains to be seen how the Dash price fares in this regard.
If the Dash price is any indication, things will not go well for all other cryptocurrencies on the market today. The current declining Bitcoin price is already worrisome enough, and it seems altcoins are continually faring worse on their own accord as well. Ongoing declines against Bitcoin will push the altcoin market into a very bearish sentiment for quite some time to come.