Most cryptocurrency markets are not looking all that good right now. With the Bitcoin price stuck just below US$Trio,900 merienda again, no major movements are expected. Dash is the only currency bucking the trend right now, thanks to an 11.94% build up on the day. Spil a result, the Dash price is now back above US$360. Unluckily, it emerges this is just another pump-and-dump cycle initiated by Bithumb traders.
Dash Price Notes a Acute Increase
Albeit the Dash price is more than capable of enlargening on its own, regardless of Bitcoin, such events are very uncommon. Te most cases, the Dash price alone would only increase if someone were effectively pumping its value ter the hopes of making some quick profits. Considering how this altcoin usually has very little trading volume, it does not take much effort to influence the markets ter an effort to haul others along te the process.
Looking at the current Dash price chart makes it clear that someone is attempting to stir the price up. Right now, one Dash is trading at a value of US$361.84. That is an 11.94% Dash price increase overheen the past 24 hours. It’s pretty interesting, especially considering almost all other markets are ter the crimson right now. Then again, some altcoins have bot attempting to rust free of Bitcoin’s dominance for quiebro some time now. None of thesis currencies have bot overly successful ter doing so, however.
No one will deny there is a genuine request for Dash all overheen the world. Especially with its conference tour kicking off this week, things are roped to get very interesting for this particular altcoin. However, one should not expect any major market movements just because of that, spil most people still have to buy Bitcoin very very first before getting their forearms on Dash. There are some fiat gateways, to be sure, but they are few and far inbetween, depending on where one lives.
With overheen US$102 million te 24-hour trading volume , things are seemingly picking up for Dash. Spil is always the case, one has to take a closer look at the exchanges providing said volume to see what is truly going on. Right now, it seems the traders overheen at Bithumb are artificially pumping the Dash price for some unknown reason. This exchange represents 56.75% of all trading volume for this cryptocurrency, which is both spectacular and worrisome at the same time.
Indeed, this looks very similar to how the Bitcoin Specie price evolved yesterday. That schrijven increase wasgoed also driven by traders at Bithumb and has resulted te a netwerken loss of 7.17% overheen the past 24 hours. It is not unlikely Dash will go through a similar script overheen the next few hours. Albeit all other exchanges go after Bithumb’s Dash price, their volumes are a lotsbestemming lower te comparison. It would only take a puny pushback for the Koreans to lose rente ter this coin again and stir on to the next.
While most Dash holders will be pleased with the current price trend, it will likely not last long. When the Bitcoin price is stuck ter sideways momentum for a few days, some altcoins will practice schrijven pump-and-dump cycles. Most of thesis cycles originate on the Bithumb exchange, thanks to its zero-fee structure. For now, no one knows how long this Dash price increase will last, but surplus assured it will druppel below US$345 again before the day is overheen.