Dash Price Briefly Surpasses $400 as Momentum Continues to Grow
The Dash price continues to soar to new heights after bullish momentum started taking shape a few days ago. More often than not, altcoin markets tend to decline in value after their initial upward momentum runs out of steam. That is not the case where Dash is concerned, as the price keeps reaching one all-time high after another. Right now, the price of one Dash is US$391.61 and it appears reaching US$400 is only a matter of time. Holders of this altcoin will be more than happy to see their patience rewarded in such a manner.
DASH PRICE BATTLES FOR $400 AND MORE
The past 24 hours have been incredibly rewarding for everyone who holds Dash as part of their cryptocurrency portfolio. Not only did the altcoin appreciate in value against the U.S. dollar, but it also pushed back against the growing Bitcoin price. More specifically, Dash went from 0.074 BTC to 0.09 BTC over the weekend, which is a significant increase, to say the least. Given the recent slew of good news the Dash community has received, this price increase was to be expected.
Just yesterday, we reported that the Dash price had been hovering around the US$350 mark. Considering how the value per coin was a lot lower earlier in the year, that growth alone was considered quite substantial. However, less than 24 hours later, the Dash price has reached US$394.88, which is another 15.19% increase compared to its previous value. At one point, there was a new all-time high for Dash above the US$400 mark, as the price touched US$406.98 for a brief moment. This battle for control of the US$400 price mark will continue for quite some time to come, though, as there is a lot of profit-taking right now.
The vast majority of Dash trading volume still originates from the Korean Bithumb exchange. With US$166.2 million in 24-hour trading volume, Bithumb is certainly showing bullish momentum for Dash. Other exchanges are well behind, as the second-ranked Poloniex exchange only contributes US$34 million in volume. Without the Korean exchange, this Dash price movement probably wouldn’t be taking place right now, although it is hard to tell why Korea is showing such a sudden interest in this particular currency right now.
With both Monero and Dash noting major value gains over the past week, it’s evident cryptocurrency users are flocking to solutions which provide more anonymity and privacy. Although Bitcoin will not be dethroned as the leading cryptocurrency anytime soon, the currency is not without its flaws either. More specifically, Bitcoin offers no privacy or anonymity whatsoever, which is quite problematic depending on what type of user one is. Additionally, with the most popular mixing service recently shutting down, looking at Dash and Monero makes a lot of sense.
A lot of people are wondering whether or not the Dash price can keep rising over the next few days. It is certainly true the bullish momentum is still intact as we speak. However, everything that goes up in value must eventually come down. With the Bitcoin price remaining relatively stable at the $4,325 mark, there is plenty of room for growth in specific altcoins right now. At the same time, one has to keep in mind cryptocurrency markets don’t take tremendous amounts of volume to cause big waves. There are still a lot of early Dash investors who will be looking to take big profits around the US$400 mark.
That being said, one can’t deny Dash has been one of the more successful cryptocurrencies of 2017. It isn’t the only currency worth keeping an eye on by any means, but the alt coin is certainly cementing its position in the top 10 right now. Dash still only has a US$3 billion market cap as well, compared to Bitcoin’s US$72 billion. Bridging this gap will be quite difficult, though, as the adoption rates of currencies such as Dash is far removed from that of Bitcoin. Then again, competition in the cryptocurrency space can only lead to better results for all currencies involved.