The maniacal DASH rally to $50 over the last several days, which vaulted the privacy-focused digital currency to a market capitalization north of $400 million by Thursday, seems to have run out of steam.
At press time, the DASH/BTC exchange rate has plunged close to 30%. At 9:00 a.m. on Thursday, DASH was trading vs. Bitcoin at an all-time high of 0.0485, however, by 2:00 p.m., the exchange rate had dropped bellow 0.034:
As the price of Dash began to decline, lenders on Poloniex were offering DASH loans at interest rates of 0.7% per day, some even went as high as 1.0% per day.
Turnover on the DASH/BTC pair on Poloniex, a U.S.-based cryptocurrency exchange where most of DASH trading takes place, accounted for 13.15% of global BTC volume today, according to rankings by CoinMarketCap.
Over the past 24h, close to $45 million has changed hands on Poloniex's DASH/BTC pair:
The volume on the Poloniex DASH/BTC pair even surpassed turnover on Bitfinex’s BTC/USD pair, which has been the leader in daily volume since the PBoC forced top Chinese cryptocurrency exchanges to start charging fees, last month.
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