The recent Bitcoin price uptrend is causing the altcoins to enjoy some positive momentum as well. With Monero’s Bitcoin value holding steady for several days now, the only change can come based on the Bitcoin price itself. Over the past 24 hours, that value has risen slowly, resulting in a positive price momentum for XMR. Right now, one Monero is worth US$11.53, a minor increase compared to yesterday.
Back Above US$11.5 For Monero
The earlier trend of money not flowing from Bitcoin to Monero remains valid to this very day. The XMR/BTC trading pair remains rather flat, even though trading volume is not changing all that much. One could argue a perfect balance between both currencies has been found at the 0.0142 mark, for the time being. A positive note for Monero holders is how the attacking is not depreciating in Bitcoin value, something most other altcoins tend to suffer from over time.
Over on the USD front, things remained virtually unchanged as well. Albeit this may appear to be a rather boring cryptocurrency market right now, rest assured that is far from the case. The lack of volatility is a positive sign for Monero, as the XMR currency seems to have found a point of stability in its brief history. In the world of altcoins, this value can fluctuate quite wildly at any time of day, but Monero seems to be holding its ground with relative ease.
That being said, the USD market volume has dipped significantly compared to January 12. Yesterday generated just over a quarter of the previous day’s volume, which is not spectacular by any means. Things are off to a very slow start today as well, but that is not entirely surprising given Bitcoin’s small uptrend.
From a speculative point of view, it is hard to say what will happen next. If Bitcoin continues to go up in value, so will Monero’s USD price. That is, assuming the XMR/BTC market remains as it is right now. Any significant shifts in that department can send the Monero value upwards or downwards with relative ease. The decline in USD trading volume is not positive, though, and could be a sign of bigger problems to come.
Header image courtesy of Shutterstock