UPDATE: The Dash price has surpassed US$400.
With the Monero price going up over the past 24 hours, it is not entirely surprising some other coins would be seeing similar momentum right now. Interestingly enough, one of Monero’s “competitors” is showing some positive signs of life. Dash has gone up by as much as 11% over the past 24 hours, which is quite significant. All of this goes to show there is a growing demand for privacy and anonymity in the world of cryptocurrency these days. Once Bitcoin gets some more features in this regard, there will be even more market competition.
Dash Price Tries to Stay Above $350
The year 2017 has been pretty spectacular for Dash, as it has been for virtually all other altcoins so far. In fact, the Dash price has increased from US$11.5 in September of 2016 to this new all-time high of US$348.67. That is quite remarkable price growth, as very few currencies ever go up so much in value without a significant retrace. Although Dash saw a big correction earlier this year, the price has remained bullish since.
To put this into perspective, the Dash price has gone up in a straight line over the past three months. With a value of US$118.9 at the end of May 2017, many people assumed the Dash price had reached its peak for the year. Everyone who sold at that price will have made a good profit, but it was only a sign of things to come. After all, the surge to US$348.67 in the past 24 hours goes to show there is still a lot of room for future improvement as far as this coin is concerned.
It is not entirely surprising to see the Bithumb exchange pushing the Dash price up quite a bit right now. We have seen this zero-fee Korean trading platform show similar signs of bullish behavior for all other currencies on the platform, with the exception of Ethereum and Ethereum Classic. Dash is only the latest coin in a growing list of coins getting “pumped” through this exchange, with the rest of the world following Bithumb’s example, by the looks of things.
More specifically, Bithumb generated nearly 50% of all Dash trading volume over the past 24 hours. Do keep in mind this volume sits at just US$77.5 million right now, which is rather small compared to most other major alternative cryptocurrencies in existence. Poloniex is in second place with US$9.7 million, followed by HitBTC of all exchanges. Considering that Dash is listed on all major exchanges, one would expect to see some other names on this list, but that is not the case. The Korean won and U.S. dollar are the only two fiat currency gateways in the Dash market top 10 right now, which isn’t necessarily a good or bad sign.
All things considered, the Dash price surge isn’t entirely surprising right now. It isn’t just because Monero is showing similar bullish signs, but is also a result of good news surrounding this altcoin in recent weeks. Good things are happening for Dash, and its upcoming conference in London will get a lot of attention, by the looks of things. Moreover, there is a growing focus on both privacy and anonymity in the cryptocurrency sector these days; that much is obvious. Dash is certainly a major contender in this regard.
It will be interesting to see how the Dash price evolves over the coming months and years. This current price increase is quite significant and should not be underestimated by any means. Maintaining such momentum for an extended period of time will be a wholly different matter altogether. So far, Dash holders will be quite pleased with these developments, but it is certainly possible the price might continue to rise for quite some time to come. Reaching a value of US$400 or even US$500 is not entirely impossible.