Today seems to be a good day for all cryptocurrencies focusing on privacy and anonymity. While the Monero price is undergoing some natural growth, the Dash price seems to be getting a nice pump right now. More specifically, its value has risen by 9.02% out of the blue. This also means the Dash price has risen above US$300 for the first time in over a week.
Dash Price Peaks Above $300 Again
The past week wasn’t the best for the Dash price by any means. For an altcoin which was worth over US$400 not that long ago, things have almost come to a standstill as of late. More specifically, the Dash price has been stuck below US$300 for quite some time now and even dipped to US$250 a few days ago. Then again, virtually all altcoins have suffered from major setbacks to the Bitcoin price over these past few weeks.
To put this into perspective, the Dash price hit a low of US$251.56 on November 2. This was a day on which the Bitcoin price started noting some massive gains, resulting in major losses for all alternative cryptocurrencies. Ever since that time, things have finally started looking up again for Dash, as its value steadily rose toward US$280. However, it has taken a while for the Dash price to surpass this mark, as it only occurred late last night.
This brings us to the current Dash price of US$301.5. No one really expected any major gains in this regard, but the cryptocurrency markets have an odd way of making things happen. Over the past few hours, we have seen the Dash price increase by 9.02% in USD terms and 11.68% against BTC. Any altcoin gaining on Bitcoin right now seems to be in a good place, even though it remains to be seen if these gains are more than temporary pump-and-dump cycles.
Looking at the Dash trading volume, we see some correlations with how things are evolving for Monero right now. The overall trading volume itself is still pretty low, as US$93.76 million is nothing to get excited about whatsoever. It is evident all altcoins should have volumes of at least US$250 million every day to be taken even remotely seriously, yet very few of them actually get to that level these days. In the case of Dash, reaching that number has been possible in the past, albeit rare.
No one should be surprised to see Bithumb generating most of the Dash trading volume right now. As a matter of fact, this company is doing all altcoins some big favors right now. It will be interesting to see if the momentum emanating from Bithumb results in lasting gains for all supported altcoins. It seems all of the trading markets on this exchange are seeing decent volume, rather than just one currency receiving the majority of it.
In the end, it is good to see the Dash price back over US$300 again. It is time altcoins start to recover rather than remain stuck in sideways momentum for an extended period of time. The Bitcoin price momentum is slowly running out of steam, especially with the SegWit2x hard fork looming closer. An interesting few weeks are ahead for all cryptocurrencies; that much is evident. The market cap rankings could look very different on Christmas Eve.