Monero Price Analysis – Fiat Currency Bulls Are Entering The Picture

Not much has changed for Monero over the past 24 hours, other than a small dip in USD value. That dip should not come as a surprise to people who keep an eye on the Bitcoin chart, as the BTC value has been affected by a massive sell-off. For now, XMR continues to hold steady above US$11.5, although that situation may come to change over the next few hours.

Monero Value Trucks Along Nicely

The tight link between Monero and Bitcoin means any shift in the BTC market will affect the XMR price. Today’s brief dip on the Bitcoin front sent the XMR value sliding a bit, although things have stabilized rather quickly. At the time of writing, Monero is valued at US$11.8 per XMR, which is not too far from yesterday’s price at all.

That being said, Monero has been pushing above the US$12 mark earlier today and even touched US$12.5 late last night. Most of these gains were a direct result of the Bitcoin price gains at that time, as one would come to expect. All things considered, things look better for Monero compared to a few days ago, when the XMR value was hovering near the US$10 level.

Virtually nothing has changed for Monero across the exchanges either. Poloniex continues to generate the same amount of trading volume as it always has, whereas Bitfinex and Kraken remain well behind the curve. It is worth noting Kraken has closed to gap to Bitfinex over the past 24 hours, as just over 1,300 XMR separates both platforms right now. A few days ago, Bitfinex still had a 400% lead over Kraken in the Monero trading department.

Speaking of trading Monero across exchanges, the USD market is showing positive signs. It appears we will see the highest USD trading volume for XMR in nearly a week today, assuming the current trend keeps up. The EUR market is showing signs of improvement as well,  as Kraken has significantly more success in this department. Then again, they are the only exchange offering an XMR/EUR trading pair so far.

Header image courtesy of Shutterstock