It is evident all cryptocurrency markets are experiencing a temporary retracement as we speak. This is mainly due to the Bitcoin price having run out of steam for a few hours, even though the uptrend is resuming as we speak. Dash is one of the top currencies taking significantly greater losses than Bitcoin and most other currencies right now. In fact, the Dash price has decreased by 5.18% over the past 24 hours, pushing the price back down to just above US$300.
Dash Price may go Below $300 Soon
Even though the Bitcoin price has been recovering strongly over the past few days, the same can’t be said about Dash. In fact, the past week has been pretty disastrous for the Dash price and market capitalization. More specifically, its market cap dropped from US$2.58 billion to US$2.28 billion in just seven days, which is a rather steep decline, to say the least. At the same time, we have seen the Dash price slide down a slippery slope, going from US$345 all the way to US$300 where it presently sits.
It is somewhat disconcerting to see the Dash price going down by such a significant amount all of a sudden. While it is not uncommon for altcoins to take a nosedive when the Bitcoin price is recovering, this sharp downturn is not exactly what most people had in mind. Not too long ago, it seemed likely the Dash price would hit US$400 again, but those plans have been put on ice for the time being.
Additionally, the Dash trading volume is also grinding to a halt, by the looks of things. While it is true Dash never had the trading volume of any competing altcoins – let alone Bitcoin – the current trend isn’t all that promising. Over the past 24 hours, the US$30.5 million worth of trading volume has put a lot of negative pressure on the Dash price, by the looks of things. For now, most people are intent on getting rid of this altcoin, even though Dash has seen its fair share of success as of late.
Speaking of the Dash trading volume, most of the trading occurs on HitBTC. You know things aren’t looking great when HitBTC is the leading trading platform for any currency, as it is not considered to be a major player whatsoever. Bithumb comes in second place, followed by HitBTC with its USDT trading market. There is virtually no interest in buying or selling Dash right now, which is rather remarkable. It is unclear why the market has soured all of a sudden, even though some people feel Dash has been overvalued for quite some time now.
All of this seemingly hints at how we will see the Dash price drop below US$300 in a matter of hours. When that happens, things will get pretty interesting, to say the least. If the trading volume doesn’t pick up, the Dash price could drop a whole lot lower in short order. There will always be people with some buy orders along the way, but for now, it is doubtful anyone will attempt to catch this falling knife.
Other altcoins will see a similar pattern while the Bitcoin price recovers its losses. Despite what some people may claim, all altcoins are linked to the Bitcoin price momentum in one way or another. If Bitcoin goes up, altcoins will suffer. When Bitcoin goes down, altcoins will suffer as well, but they bounce back eventually. Right now, Dash is losing a lot of ground compared to both Bitcoin and the US dollar. No one knows where the bottom will be for Dash, but it may take some time to reach it.