Dash Price Is Going To Resumes Uptrend Toward $500
Whenever an alternative cryptocurrency goes up in value out of the blue, there are always questions as to whether or not this is legitimate. In the case of the recent Dash price surge, it is evident there is no real reason for this specific price surge right now, even though the value is slowly approaching the $500 mark all of a sudden. All of this is happening thanks to marginally inflated trading volume over the past few hours as well. It is evident this price surge will attract a lot of attention moving forward.
What is rather interesting is how we see this sudden surge across different privacy-oriented currencies as well. Monero is, alongside Dash., one of the few top 10 cryptocurrencies not recording any major losses over the past 24 hours. While Bitcoin is still a major cryptocurrency, it is evident there are some issues associated with this project when it comes to privacy and anonymity. Given the increased scrutiny by US government agencies, it is not surprising to see people flock to Dash and other currencies.
At the same time, there is still no major “shift” taking place either. Most people will continue to buy Bitcoin over other currencies such as Dash for quite some time to come. Moreover, the people who are diversifying their portfolio through different altcoins often only do so for speculative purposes, and in the hopes of accumulating more Bitcoin in the process. How this current Dash price trend will play out, remains to be determined.
With an increased trading volume of around $195m, the demand for Dash is certainly increased out of the blue. Although Bitcoin has seen a small dip not too long ago, it doesn’t mean people will suddenly switch over to Dash either. For now, this seems to be a temporary uptrend, but it may not be sustainable in the long run. After all, the Dash price peaked above $500 already a few hours ago and was pushed back down to $460 pretty quickly.
As has quickly become the new normal in the world of altcoin trading these days, Bithumb is the go-to place for trading Volume. This Korean exchange represents around 22% of all Dash trades, although Bittrex and Bitfinex are not too far behind. Most of this trading volume for Dash comes from fiat currency markets, assuming one includes USDT in that list. Other than that, Bitcoin-denominated trading pairs are certainly contributing their fair share of volume as well.
It will be interesting to see how things play out for the Dash price in the coming hours. Despite the massive rejection after reaching $500, the price is still up by 5.52% in USD value and 3.65% in BTC value. With Bitcoin moving up again, this situation can reverse pretty quickly, though.There is a lot of good money to be made with altcoins such as Dash, although one shouldn’t hold out for obscene profits either. There is a lot of volatility in the industry right now and any established trend can disappear pretty quickly.