Then follow us on Google News!
Another day in the Monero market that presents more of the same volatile movements. Both in the USD and BTC markets, things have gotten a bit out of hand for XMR, although the altcoin recovered well in both markets. For the time being, it would appear Monero has found some stable ground, although this situation may come to change very soon.
Monero Remains Somewhat Stable
It is very difficult for any alternative cryptocurrency not to lose ground right now. Bitcoin’s bullish trend saw a slight retrace earlier today, but the momentum is far from over. During this brief reprieve, Monero has found solid support around the US$12.6 mark, although that value may see some further declines over the next few days. Considering the price dipped hardly when bitcoin surpassed US$1,050 this morning, it is not unlikely history will repeat itself.
The past 24 hours have proven to be volatile for Monero already, though. At one point, XMR’s value surpassed the US$12.8 mark. Although that initial success did not last all that long, it shows there is still a great interest in Monero. That is, as long as bitcoin’s price is not going up, which it most certainly will in the next few weeks.That is not positive news for the Monero community, unfortunately.
Over in the XMR//BTC market, things played pretty much was we had predicted yesterday. The XMR value dipped below 0.012 BTC, and even went as low as 0.011 at one point. Interestingly enough, XMR also bounced to 0.014 in the same period, although things have come down by quite a margin ever since. A mini-pump took Monero from 0.01185 BTC to 0.0125 BTC in a few minutes. At the time of writing,one XMR is valued at 0.01206 BTC, although that value is not expected to hold by any means.
One positive in all of this is how Monero is seeing some more bitcoin trading volume these past few days. Things have finally been picked up again, although there is still a lot of room left for future growth. The EUR market is also catching up to the USD market right now and it seems to be a matter of time before the two switch positions in the top 3 rankings.
Header image courtesy of Shutterstock