DASH Price Jumps 15% With Volume Concentrated on Chinese Exchange

Dash has been one of the quickest to recover this morning as the entire market took a spring upwards at around 4am (UTC) this morning.

DASH coins have recorded the fastest growth inside the top-20 today, with only EOS coming close. At midnight last night, one coin was trading at a value of $208.23, before the spike carried it to $241.43 by 5am. Since then the price evened out, and has been fairly steady at £226 for the last couple of hours. At the current price Dash is up over 8% for the day, with the markets continuing to climb at the time of writing.

Today’s movement returns the privacy coin to the same price it opened the week at. It’s been a messy week – one in which Dash dropped 16% of its value before recovering it again in the last 24 hours. The daily volume reached a weekly high of $217 million this morning, a sum not seen since early July – yet still very little compared to the December high of $700 million, when Dash reached a market cap value of $12 billion. That figure now stands at just under $2 billion.

Traditional Finance

You may think that 80% reduction in market capitalization would seem like heresy to any traditional financial institutions, yet Dash has already been touted by JP Morgan Chase as one of the crypto’s that are here for the long haul.

And just last night it was revealed that current Dash CEO Ryan Taylor is looking into implementing a decentralized investment fund into the Dash network. The news had actually been hinted at before by Taylor, but now the plan seems to be coming closer to fruition. Taylor put a Q4 2018 deadline on the plans, which he described as being:

“…a wholly separate entity through which the network can make investments in equity, assets, debt or other investment vehicles with the capability to distribute gains back to the Masternodes and strengthen our network.”

If it goes ahead, it will be the first investment fund to be operated by a DAO, as Dash makes serious claims to being such a decentralized autonomous organization.

Dash to China

Over 71% of all of Dash’s trades today have come from just one exchange – the ZB.COM exchange based and operated out of China. 45% of the daily trades have come from there against BTC alone, while Tether is the next most popular by some distance.

In fact, around 90% of Dash’s total trades have come solely against BTC and USDT, with Ethereum showing up in a mere 0.3% of Dash’s daily trades. Besides Bitcoin and Tether, the next most popular Dash trade is the direct exchange with US Dollars, $3 million worth of which has come from Bitfinex.

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.