It is not uncommon for cryptocurrencies to note strong gains when the Bitcoin price remains in the green for an extended period of time. In the case of the Dash price, the current momentum is looking extremely bullish. No one knows for sure where these gains come from exactly, although investors will not be too worried about the lack of reasons.
Dash Price is Soaring High
It is quite difficult for cryptocurrencies to recover most of the losses sustained throughout 2018. Most currencies are still down by 50% or more compared to late January, and the momentum has not worked in favor of most altcoins ever since. The Dash price has seen many different setbacks along the way, although the past few hours offer a more than welcome sign of relief in this regard.
Over the past 24 hours, the Dash price has noted a strong gain of 21.1%. Although that is not necessarily an expected gain, it does show there is plenty of positive momentum in the tank for altcoins as of right now. With no real explanation as to why the Dash price is rising, one has to wonder if this momentum can be sustained for more than a few hours at a time.
Such strong gains would not materialize without an intriguing change in the Dash/BC ratio over the past few hours. For the altcoin, things look very promising as of right now, primarily thanks to a 17.59% gain over Bitcoin itself. This shows now is the time for the altcoins to effectively recover some of their recently lost value, although there is still a very long way to go in the case of the Dash price.
As is usually the case when momentum turns bullish in the altcoin industry, the overall cryptocurrency trading volume tends to increase. That is happening as of right now, and the Dash volume is seeing a healthy boost as well. With over $327m in 24-hour trades, Dash is one of the most liquid altcoin markets today, although it seems to be a matter of time until profit taking starts to set in and the Dash price begins to decline again.
Surprisingly, ZB.com is leading the charge in terms of Dash trading volume. This sole exchange generates over 60% of all trades through its BTC and USDT trading pairs. OKex offers another USDT pair in third place, followed by Bitfinex’s USD market and Binance’s BTC pair. Why the demand is accelerating on ZB.com, remains to be determined, although it may hint at a potential pump-and-dump cycle.
For Dash price speculators, this latest trend is very promising. How long that positive vibe will last, is a different matter altogether. Since one exchange, which usually remains barely popular, generates over 60% of all trades, it seems there will be a correction sooner rather than later. Until that happens, the Dash price should stay near or above $175 for the foreseeable future.