Quite a few cryptocurrencies are trying to recover some of their lost value as of right now. Unfortunately, very few of them can effectively do so, as the market is poised to turn sour pretty soon. The Dash price still enjoys some positive momentum, as it has regained 11.42% of its lost value in the past 24 hours. As such, we are now looking at a Dash price of $446 once again.
The Dash Price Makes a Small Comeback
Similar to virtually all other cryptocurrencies on the market, the year 2018 has been catastrophic for Dash. Even though we had a Dash price of just under $1,600 late last year, that high value could not be sustained by any means. With all of the bearish pressure across the industry in the past three months, things are not looking all that great as of right now.
Even so, the Dash price is trying to mount a comeback at some point. While the current value of $446 is not even close to the all-time high of nearly $1,600, one has to take all of these small gains in stride. Whether or not this is the beginning of a Dash price trend reversal, is a different matter altogether, though. The year 2018 has been one massive decline for Dash so far, and bucking this trend will not be easy.
Even though an 11.42% gain over the past 24 hours is pretty impressive, there’s still a long way to go for the Dash price. The 7.4% gain over Bitcoin, on the other hand, is more than impressive when considering how the Bitcoin price is also inching up ever so slowly. Altcoins are poised to gain in value both thanks to Bitcoin and against Bitcoin right now, which will undoubtedly introduce some big fireworks in the long run.
Even though Dash has $117.64m in 24-hour trading volume, it is very difficult to gauge whether or not this is a positive number. One would expect “top” altcoins to have a much higher volume right now, yet the overall cryptocurrency trading volume is still in the dirt as we speak. It will be intriguing to see how all of this unfolds in the coming days and weeks, as it is not a positive trend by any means.
The way things look right now, Huobi is dominating the Dash trading volume. It has a considerable lead over HitBTC, and Binance is even further away. There are no fiat currency pairs for Dash in the top five, which does confirm people are trying to accumulate more BTC first and foremost. Without an influx of fresh capital, things will not improve for the cryptocurrency markets in the near future.
It is unclear where the Dash price will be heading next. Given the current conditions, reaching $450 should be feasible, but cryptocurrency remains an unpredictable industry first and foremost. That could mean we will see a small Dash price decline in the coming hours, especially if Bitcoin were to take another hit. Right now, it seems the momentum is turning against Bitcoin and altcoins, but there are always currencies which can buck those trends successfully.
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Author JP Buntinx