As we had expected, the Monero value has tanked by quite a margin. Earlier gains pushing XMR well above US$13 could not be sustained, and it appears the altcoin is slowly returning to a more modest valuation. Recent gains in the bitcoin market make life difficult for all other alternative cryptocurrencies, and Monero was unsuccessful in proving people otherwise. Things have stabilized for now, but more losses are looming on the horizon.
A Very Bad Day For Monero In General
It was anything but surprising to see the Monero value drop by over 5% in the past 24 hours. Considering how things have evolved in the bitcoin market, this price decline was to be expected. It would be rather unusual to see any altcoin retain its current value when bitcoin is on the rise. So far, that has not happened unless there was a deliberate pump for that attacking, yet this has not been the case for Monero just yet.
To put this change into perspective, Monero’s USD value dropped by 5.12% over the past 24 hours. Things were far worse just a few hours ago, as the Monero price dipped to just above US$12. Things have recovered a bit since then, although it would not be entirely surprising to see the Monero value head back in that direction. It is highly unlikely Monroe will see US$13 again over the coming days, but one never knows.
Not much has changed in the XMR/USD market either, other than a small increase in trading volume. Once again, that is not entirely surprising, considering there were people looking to either buy or sell XMR in favor of the US dollar. While it makes a lot more sense to convert Monero to Bitcoin, some people prefer to go through fiat currencies first.
The vast majority of losses can be attributed to changes in the XMR/BTC market. Considering Monero dipped 7.37% against bitcoin overnight, it is not hard to see which cryptocurrency investors prefer right now. Poloniex once again overtook HitBTC as the primary trading platform. In fact, Poloniex is leading the charts in volume, as they generate nearly 77% of all XMR/BTC trades right now. Rest assured there may be future losses for XMR on the horizon, depending on how bitcoin’s price evolves.
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