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It is becoming hard to keep track of what is happening to the Monero price these days. When all signs point towards a future value decline, the price goes up, and vice versa. As we expected, the XMR price has clawed its way up once again over the past few hours, although that is a direct result of Bitcoin’s price increase. Reaching US$12 only takes a small nudge right now, yet things could head the other way in the coming hours as well.

Monero’s Good Fortune Returns Courtesy of Bitcoin

It is impossible to not look at Bitcoin and Monero side by side these days. Every time Bitcoin goes up or down, one could bet money on the fact the Monero price chart will look identical. That is the world of altcoins looking to make a name for themselves, though, as they will always be linked to Bitcoin, regardless of how different they aim to be.

For Monero, the current upward momentum is entirely due to Bitcoin moving up as well. With the Bitcoin price going up once again, all linked alternative cryptocurrencies are destined to follow. Monero has shown a tendency to follow Bitcoin’s footsteps at every possible turn, and that situation will not change anytime soon.  This rather symbiotic relationship makes it somewhat easier to predict how the markets will evolve, though.

Over the past 24 hours, Monero’s value rose from US$11.65 to US$11.99. It only takes a minor nudge to reach USD$12 once again, albeit that will entirely depend on how the Bitcoin price evolves over the next few hours. This price change has also pushed the Monero market cap back over the US$165m mark. A positive development, even though it has nothing to do with Monero developments.

Interestingly enough, there have been some changes in the XMR/BTC market over the past 24 hours. For once, the chart is not flat by any means. Monero dipped below the 0.013 BTC mark a few hours ago, yet started a steady recovery process ever since. Right now, one XMR is valued at 0.01314 Bitcoin, although that value may start to dip again if Bitcoin’s upward momentum continues.

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About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.