It doesn’t happen all that often that most top 10 cryptocurrencies are in the green at the same time. Especially with the Bitcoin price seemingly preparing for another leg up, interesting things are bound to happen. The Dash uptrend is still going strong after surpassing US$500 last night. Right now, it seems we may see the Dash price go all the way to US$600 in the coming hours, although maintaining the momentum becomes more difficult with every dollar gained.
Dash Keeps Soaring to new Heights
It has been a remarkable year for most cryptocurrencies, including Dash. Although Bitcoin has gotten most of the attention when it comes to price gains, one shouldn’t overlook the gains in altcoins either. Looking back at the Dash price of one year ago, its value was well below the US$10 mark. People who stocked up on Dash at that time and are still holding today have seen a 6,000% increase in the value of their portfolios. That is quite remarkable, and it makes Bitcoin’s price gains pale in comparison.
While this growth is nothing short of incredible, it remains a bit unclear why the Dash price has gone up in such spectacular fashion. Granted, there have been some technical updates and a strong marketing push across Venezuela this year. Whether or not that alone warrants such a strong uptrend remains anybody’s guess right now. Most of Dash’s value is derived from speculation, but that applies to virtually every other cryptocurrency or digital asset in existence today.
Despite facing a struggle when it came to surpassing US$400 permanently, the Dash price has ultimately proven itself and is continuing its push without too many problems. More specifically, one Dash was worth about half of what it is today just two months ago. It is evident the Bitcoin price surge has allowed most altcoins to thrive as well, although it is certainly possible we now have even more cryptocurrency speculators actively diversifying their portfolios. Where all of this will lead us in the coming years remains to be determined.
Thanks to over US$302 million in 24-hour trading volume, things are looking pretty solid for the Dash price right now. It is certainly possible we will see the Dash price reach US$600 before the day is over, but it is unclear how much higher the price can go after setting this new all-time high. After all, one Dash has never been worth over US$560 before, which makes this a pretty important milestone for the popular alternative cryptocurrency.
As is to be expected, the current Dash trading volume mainly originates from the Bithumb exchange. South Koreans have shown a massive appetite for all cryptocurrencies as of late, which is part of the reason why the Dash price has soared to new heights these past few weeks. Bithumb alone has generated over 43.5% of all trades in these past 24 hours. Bitfinex and Poloniex round out the top three exchanges for Dash. Two fiat currencies leading the pack show that people are actively looking for ways to buy cryptocurrency rather than simply diversify their Bitcoin holdings.
It will be interesting to see what’s next for Dash in the coming days and weeks. Although the current demand is still pretty high, we may see some big changes before the year is over. If Bitcoin can reach US$10,000 before the year comes to a close, the Dash price may look very different than it does right now. At the same time, we may be looking at very different market cap rankings. Cryptocurrency remains a very mysterious and intriguing creature indeed.