Today appears to be the day that anonymous and privacy-centric cryptocurrencies go up in value. We mentioned earlier how the Monero price had been showing signs of positive momentum. Dash is seemingly undergoing a similar trend, as its value has gone up by 6.35%. With the growing demand for privacy, it is only logical that non-Bitcoin currencies would receive a lot more attention moving forward.
Dash Price Eyes the $400 Mark Again
Virtually every major cryptocurrency has seen a spectacular value increase throughout the first eight months of the year 2017. Dash is certainly no exception in this regard, as the popular altcoin saw its value go from US$10 all the way to an all-time high of US$396 in short order. Such a sudden price difference has not been met with any major corrections so far, which indicates the value of US$325 may be the new low for Dash.
At the time of writing, the Dash price is hovering around US$362, which represents a 6.35% increase over the past 24 hours. Do keep in mind this value increase is taking place while the Bitcoin price remains above the US$4,600 mark. The entire cryptocurrency ecosystem is moving upward; that much no one can deny. With the total crypto market cap growing back to nearly US$165 billion, it is evident more money is flowing into cryptocurrencies once again. A lot of holders see Dash as a valuable investment, which explains the current rise in price.
While the Dash price is increasing in USD value, the popular altcoin is also gaining ground on Bitcoin. More specifically, the DASH/BTC value has gone up by 5.79%, which puts Dash at 0.078 BTC. This is an interesting development which further shows some altcoins are effectively trying to break free of their link to the Bitcoin price. Whether or not those efforts by Dash and other currencies will be successful in the long run remains to be determined.
With just US$36 million in 24-hour trading volume, this price increase is all the more significant. As one has come to expect, the Bithumb exchange is driving most of the volume right now. Nearly 44% of all Dash trades go through that platform, indicating a strong demand from Korean won holders. This exchange is also responsible for the current Monero price rise, mind you. Interestingly enough, Bithumb is trading Dash slightly below the market average right now, although the difference isn’t big.
It will be interesting to see how this Dash price momentum plays out in the end. Temporary ups and downs are nothing new in the cryptocurrency world. However, this particular currency has successfully maintained a value above US$300 with relative ease compared to other currencies noting major gains this year.
Moreover, the supply of Dash is still rather low, with a lot of money stored in network masternodes for the time being. Low liquidity may become a bit of an issue, but if people aren’t willing to sell, the Dash price will not go down significantly anytime soon.