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A lot has happened for Monero over the past 24 hours, that much is certain. Significant losses in the BTC market were to be expected as bitcoin’s bullish trend continues. Luckily for XMR holders, this has not affected the USD value per coin all that much in fact. Once Monero’s value dips below 0.012 BTC, however, things could get very interesting.
A Mixed Day For Monero
Whenever an altcoin’s bitcoin value drops significantly, one would automatically assume the USD value to follow a similar path. That is not the case for Monero, though, as the altcoin’s USD value has increased by 1% over the past 24 hours. At a value of US$12.76 per XMR, things are looking quite positive for Monero. Then again, this increase is only due to bitcoin’s value going up, rather than Monero sparking any significant interest.
In fact, the gains for XMR could have been much higher, were it not for the retrace that followed once the US$13 value was surpassed. Interestingly enough, this retrace has nothing to do with bitcoin’s value decreasing, as the top cryptocurrency is still showing bullish behavior. Instead, it seems to indicate some of the money pumped into Monero is leaving the market in favor for other opportunities.
Over the past 24 hours, the XMR value has shifted from US$12.5 to US$13.13 and back. It is evident the volatility in the Monero market is far from over and traders should expect more of the same moving forward. To some people that will be more than welcome news, although it will not necessarily instill confidence in Monero for mainstream investors. Then again, no one will say no to some easy and quick profits in the altcoin market.
On the Bitcoin front, things are looking rather bad for Monero right now. The past 2 44 hours have been extremely volatile, with the value shifting between 0.01129 BTC and 0.01298 BTC. Right now, one XMR is hovering around the 0.012 BTC mark, although this trend will not be sustained for long. Anyone can see XMR will dip below 0.012 BTC very soon, although no one knows for sure what the bottom will be.
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