Today appears to be the day of anonymity- and privacy-centric cryptocurrencies going up in value. We mentioned earlier how the Monero price is showing some positive signs of momentum right now. Dash is seemingly going through a similar trend, as its value has gone up by 6.35%. With the growing demand for privacy, it is only evident non-Bitcoin currencies will get 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 $10 all the way to an all-time high of $396 in quick succession. Such a sudden price difference has not been met with any major corrections so far, which indicates the value of $325 may be the new low for Dash.
Right now, the Dash price hovers around $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 is still above the $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 $165bn, 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 price rise.
While the Dash price is going up 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. 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 $36m in 24-hour trading volume, this price increase is all the more significant. As one would almost 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 same 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 its value above $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.