The Monero market has gone through a significant shakeup over the past 24 hours. Whereas the price trend looked quite strong yesterday, things have taken a sharp turn for the worse over the past few hours. It appears US$14 per XMR was possible late last night, but the more likely scenario right now is to hit US$12. Moreover, the Monero market cap took a significant hit as well, wiping close to US$26m off the value in one day.
Monero Falls Victim To Market Volatility
It is not entirely surprising to see Monero give in to the whims of volatility right now. Cryptocurrency as a whole is going through a very volatile patch, affecting Bitcoin and all other alternative currencies as a result. Monero is no different in this regard, as its market value dropped spectacularly over the past 24 hours. A decline of 12.82% overnight will see more money flowing out of the market in the coming hours; that much is certain.
Things look rather bad for Monero in the USD market right now. Even though that market’s volume is a lot smaller compared to Bitcoin trading,