The bits you left out are the part of the cycle where the supply-demand curve balances out and re-asserts itself again. If you look at a 3-day chart of Dash since its launch you'll see that we've had about 3-4 full cycles of saturation/sell-off/re-establish demand so far and I've described this
more fully here in terms of a dynamic interaction between two segments of the coin supply - a "trading" component and a "reserve" component on which holders earn interest.
The thing you're leaving out, is that the current market cap is largely based on demand for interest earning coins. A demand that has to level out eventually and can quickly reverse if 1000 dash stored in master nodes suddenly become a losing proposition. PoW currencies dont have this problem. The "interest earning" aspect of it is invested in mining hardware. If/when the currency suddenly loses value, mining may become unprofitable, causing miners to lose their shirt if they cant switch to another coin, but hoarders are not affected by this, since dumping asics on the market has no effect on the price of the coin. There is no feedback loop. This is quite different with PoS coins. Your master node cant switch to mining Ether and you cant sell your node without selling the coins.
'Dash's goals is to be USEFUL. To be a currency.'
Sure, but it isnt yet, is it? And yet its valued at $70M. If you think that valuation comes from anything other than speculation and interest seeking investors, ie, master node operators, you're delusional.