Things continue to go from bad to worse where Monero is concerned.The USD value of this anonymity-centric alternative currency continues to go down every day and is now well below the US$12 level. Further declines are not unlikely, depending on how the Bitcoin market evolves in the coming days. Cryptocurrency markets remain volatile for the time being, although it seems things may start heading in the right direction later today.

Monero Value Continues To Dip

Anyone who is holding Monero will be scratching their head right now. It is unclear what is driving the decrease in XMR value, there than the reduced bitcoin price itself. However, Monero is traded in both USD and EUR markets on its own and seems to be making very little ground in this regard. It appears the demand for this alternative cryptocurrency has stagnated.

Given the current volatility in the Bitcoin market, is not entirely surprising to see things fall apart for altcoins. Monero is holding its own rather well, even though the market cap continues to shrink. As of right now, XMR has a market cap of just under US$157m. Compared to a few days ago, that is a near 25% decrease in just a few days. In fact, one could say the Monero and Bitcoin market caps both shrunk by an equal percentage.

Looking at the XMR/USD trading chart it is evident the volume is not declining by any means. In fact, there has been more XMR changing hands for USD yesterday than in the previous three days combined. However, we can also see the XMR value dipped below US$11 at one point, and somehow started to recover back to US$11.4. Unfortunately, this indicates a price below US$11 is very likely to occur again.

The XMR//BTC charts remain rather flat, which is anything but surprising right now. One XMR is still traded at 0.01464BTC and has been hovering around this point for nearly a week now. No further changes are expected to occur in this market over the next few days, though. Bitcoin speculators are flocking to altcoins right now, yet hardly any of the money is put into Monero. Ethereum and DASH seem to be the preferred alternatives.

Header image courtesy of Shutterstock

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.

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