Considering how most major cryptocurrencies are going up in value right now, it is unusual to see Dash go the opposite route. More specifically, the popular altcoin has decreased 4.07% in value over the past 24 hours. That is a very strange development, considering the Dash price surpassed US$360 not long ago. It will be interesting to see how this market evolves over the next few weeks.
Dash Price Drops out of the blue
A lot of people are surprised to see Dash – of all currencies – buck the semi-positive trend affecting all major cryptocurrencies right now. After all, things seemed to be finally falling into place for Dash, which explains why the currency was seemingly positioned to set a new all-time high last week. That never materialized in the end, though, as the current Dash price is US$337.62, which is still a pretty respectable amount, all things considered.
It is hard to pinpoint the exact reason for the current Dash price downturn. There has not been any specific negative news, although there are a few online discussions that could have affected the value. More specifically, there are rumors regarding the developers having too much centralized control over the Dash ecosystem, although it remains to be seen how much truth there is to such claims in the first place. Those rumors alone shouldn’t necessarily have pushed the Dash price down all that much, though.
One thing that becomes apparent pretty quickly is how there is little trading volume for Dash right now. That is not just the case with Dash, mind you, as all cryptocurrencies are struggling with trading volume for some unknown reason. In fact, all currencies combined for US$2.3 billion in 24-hour trading volume, which is less than half of what one would expect it to be. Whether or not this number picks up anytime soon is anybody’s guess. Dash’s volume sits at US$94.8 million over the past 24 hours, which isn’t horrible, but it’s not exactly great by any standard either.
Speaking of the Dash trading volume, the current leader of the pack is Bithumb. We have seen this Korean exchange inflate trading volume for all of its supported currencies multiple times in the past. As of right now, Bithumb is processing 50.6% of all Dash-related trades, which means that without this exchange, things would look even bleaker for the popular altcoin right now. HitBTC and Poloniex complete the top 3 exchanges ranked by trading volume over the past 24 hours. No big surprises there.
For the time being, it looks as if the Dash price is trying to stabilize around the US$340 level. To many people, that is still too high to buy in at right now, let alone set up a masternode. Those who do own a masternode will have gotten rich throughout this year, as it requires 1,000 Dash to do so. At current prices, every masternode on the network is worth over US$337,000, which is a pretty impressive amount. Then again, no one can deny the Dash price may go to US$400 or more for all we know.
For all intents and purposes, the Dash price is not in a bad place whatsoever. Speculators and holders always want to see the value of their portfolios increase overnight, so their frustrations are understandable. It will be interesting to see how things play out in the near future, as this downturn comes at a very interesting time, to say the least. Whether or not this altcoin will recover in the coming hours remains to be determined.