Even though Monero is taking a serious beating in the bitcoin trading market right now, it’s US Dollar value remains intriguingly steady. In fact, there is a small gain on the charts compared to 24 hours ago, indicating Monero and other altcoins have become quite resilient to market fluctuations. One XMR is still worth US$19.9, which appears to the somewhat of a floor for this currency.
Monero Shows Its Resilient Side
It is quite interesting to see how altcoins continue to stumble as soon as bitcoin’s value goes up. What is even more peculiar is how far things are less worrisome than most people would like to think they are. It would be better if altcoins and bitcoin could gain value at the same time, as they are not mutually exclusive by any means. Then again, it will take at least a few more years until such a scenario becomes reality.
For Monero holders, not looking at the XMR/BTC chart would be the best course of action right now. XMR, as well as any other altcoin, is on a very slippery slide right now, thanks to bitcoin’s most recent value gains. This type of behavior has been prevalent for quite some time now and some things will never change. Then again, Monero seems to be bouncing back slowly, which is a positive development.
To put this news into perspective, the XMR/BTC trading pair suffered from a 413% loss decline in the past 24 hours. That is not all that surprising, as things could have been a lot worse. In fact, XMR dipped to 0.0177 BTC at one point, yet it seems to have stabilized around the 0.01878 mark for the time being. If Poloniex managed to stay online during these periods of increasing trading – rather than spewing 502 errors – things are looking quite for Monero.
The XMR value has successfully maintained its US$20 range for the time being, even though it dipped slightly below that value as of right now. There is no reason to panic, though, as US$19.9 is still a very strong price per XMR at this time. With over US$1m and 323,000 EUR in 24-hour trading volume, there is no reason to think the XMR value will drop below US$19.5 anytime soon.
Header image courtesy of Shutterstock
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
