Now that people have been able to trade The DASO tokens for a few days, it becomes clearer as to where the trading volume is coming from. Bitcoin seems to be the driving factor behind the price fluctuations, followed by Ethereum, EUR, and the Chinese Yuan. Poloniex is leaving all other exchanges platforms in the dust, though.
When the crowdsale for The DAO was taking place, a lot of people invested Ethereum into this project in exchange for tokens. But ever since the trading markets opened up on various exchanges, it looks like Bitcoin has become the primary focus for traders. In fact, over 75% of daily trading volume originates from Bitcoin, which is quite a high margin.
But The DAO tokens are being traded against other currencies as well. Ethereum is the clear second, with more than twice the volume of EUR traders. It is kind of interesting to see such a high demand for trading DAO against EUR, though, as a lot of people expected the Chinese Yuan to be in the top three.
Unfortunately, that is not the case, albeit the yuan has climbed back into the fourth spot, where it is well ahead of the US Dollar. The Canadian Dollar, Pound Sterling, and Japanese Yen close out the top eight, albeit the latter one is not generating that much volume right now. Then again, we are not even a week into trading The DAO tokens, so it is still anybody’s game right now.
As far as exchanges are concerned, Poloniex is the undisputed leader as far as Bitcoin is concerned.With over 75% of all Bitcoin trading volume in the past 24 hours, there is no denying the success and market position Poloniex currently holds. Kraken is the best of the rest, with over three times the volume of Bittrex. Yunbi is the surprising number four, and they are well ahead of BTER.
What most people are interested in is whether or not The DAO token price will go up over time or not. So far, the market has been fluctuating a bit, and currently seems to hold steady between 0.00022 and 0.00023 Bitcoin per DAO. It is hard to tell whether or not this price will go up or not, but traders will be riding the waves regardless.
Source: CryptoCompare
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