It has been a bit quiet on the DigitalCash front as of late, but don’t be mistaken in thinking people lost interest in DASH all of a sudden. The cryptocurrency is still going strong to this very day, and there is plenty of volume to go around. Bitcoin, as well as other crypto and fiat currencies, are still bringing in a lot of trading action every day.
Traders Still Exchange DASH En Masse
There is hardly any cryptocurrency in existence where Bitcoin is not generating the most volume, except for BTC itself. Close to 96% of the recent DASH volume has been traded in Bitcoin, compared to 3.42% in US Dollar and 0.72% in various other currencies. Quite an impressive feat, although some people may have expected more from the USD market.
On the exchanges front, things are a bit more exciting where DigitalCash is concerned, compared to most other cryptocurrencies. While Poloniex is the clear market leader – and probably will continue to be for the foreseeable future – BitTrex and Exmo are neck-in-neck for the second spot. With 17.91% and 17.03% respectively, there is a fierce battle going on that hardly anyone will pay attention to.
While it is positive to see the Bitcoin value going up over time, it is affecting altcoin trading volumes by quite a margin. Ever since May 16, the daily DASH trading volume has not managed to surpass the 55,000 mark across Bitcoin trading markets. May 30 was an exceptionally weak day, with just 11,569.64 DASH being traded all day.
Among the other currencies, users can trade against DigitalCash are Monero, the yuan, Litecoin, Dogecoin, and Ripple. All of these currencies are trying to gain some traction, but none of them is reaching even 1% of daily trading volume for now. It looks as if the Chinese traders are cooling off on altcoin trading lately, as no significant alternative cryptocurrency is seeing much action.
The same can be said for most of the exchanges dealing with DigitalCash, as the number four ranked platform brings in only 0.82% of volume. Every exchange below that has not even generated one full Bitcoin of trading volume in 24 hours, which is rather surprising. Then again, Poloniex is leading the day with only 288.85 BTC, which is not exactly spectacular either.
Source: CryptoCompare
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
