Although Monero put up a valiant effort, the price has finally dropped below the US$12 threshold. It was only a matter of time until this would happen and it is possible the price will continue to drop a bit more. For the time being, it appears Monero will hover around the US$12 mark, albeit it will be challenging to get back to that level.
Monero Continues To Go Down
it is anything but surprising to see most altcoins go down in price once again. Even though very little has happened to bitcoin over the past few days, it is evident investors and speculators all over the world are looking toward bitcoin rather than altcoins. Alternative cryptocurrencies have very little appeal other than to speculate on their value, yet with the overall trend being rather bearish, there is little money flowing into these markets.
Unfortunately for Monero, they are on the list of cryptocurrencies which are suffering from the bearish market. With the XMR value dropping 2.4% in the past 24 hours, the support platform at US$12 was smashed rather quickly. In fact, XMR dipped to US$11.5 briefly, although the market has shown signs of recovery ever since. Right now, one XMR is valued at US$11.8, although that price will continue to fluctuate in the coming hours.
As one would expect, not much has changed where the USD trading volume is concerned right now. Although the overall volume has received a significant nudge in the right direction, the majority of trades seems to indicate selling behavior. That being said, over US$381,000 in XMR trading volume is quite a step up compared to the past few weeks.
Bitcoin remains the biggest trading market for Monero, although its volume seems to be going down slightly these past few days. The past 24 hours saw close to 2.200 BTC worth of XMR being traded, but that seems rather low compared to altcoins which are seeing a price increase right now. Although some of these price changes are nothing more than temporary pumps before the dump occurs, Monero seems to evade this cycle successfully. It will be interesting to see what will happen over the next 24 hours, that much is certain.
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