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Another day of trading is in the books for Monero, and very little has changed yet again. One positive note is how each XMR is worth more than US$12 again, even though that is only due to the Bitcoin value going up. Then again, Monero has been making up some ground compared to Bitcoin, even though the gains are minimal at best.
Another Boring Trading Day For Monero
Even though the Monero project has a lot of innovative and exciting features to offer, the trading markets have grown stale as of late. That is not entirely surprising, as Monero seems to be valued at the right amount given its current state of development. Use cases remain limited for this altcoin, and most of its appeal stems forth from darknet market usage.
Looking at the XMR/BTC chart, a small uptrend is starting to manifest over the past few hours. The trading pair has lost some of its momentum gained during late last night, as Monero peaked above 0.0136 BTC earlier. Right now, its value sits at 0.01354 Bitcoin. Not a big difference, but this could hint at future gains over the next few hours.
Then again, price developments for altcoins will heavily depend on how the Bitcoin market evolves. The recent price gain has given XMR’s USD value a healthy nudge, but it may reclaim some of the momentum as well. So far, Monero’s value has gone up simultaneously with Bitcoin’s, and it is doubtful that situation will change anytime soon.
Speaking of the XMR USD value, Monero is worth over US$12 once again. Although this is mainly due to Bitcoin’s price slowly recovering, altcoins can benefit from this momentum as well. This is also good news for the Monero market cap, which climbed back above US$166m again. Unfortunately, the USD trading volume across both Bitfinex and Kraken is way down compared to previous days, which does not bode well. Very low trading volume in this market could help stabilize the XMR price, but it would also make it even more reliant on Bitcoin’s value.
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