Hardly anyone will be surprised to learn virtually nothing has changed in the Monero markets over the past 48 hours. It is one of the most stable alternative cryptocurrencies to date, which makes it less appealing to speculators. That is a good thing in general, as it gives XMR plenty of time to grow organically.
Monero Continues To Truck On In Its Own Way
When cryptocurrencies grow stable for too long, they risk becoming boring to the average speculator. Monero is well underway to become one of the most boring altcoin markets right now, and that situation will not change anytime soon. Some people will see this as a positive trend, as less speculation means less volatile price swings.
Unfortunately, a lot of traders are attracted to cryptocurrencies due to their wild price changes, as bitcoin continues to hover around the same mark for quite some time now. If Monero continues its current stable course, it is not unlikely the trading volume will continue to decline as more time progresses.
Speaking of the trading volume, things have been going from bad to worse for XMR in this department. Its USD volume continues to shrink on a near-daily basis and is well below 10,000 XMR right now.That is anything but a positive trend, although it has not affected the price all that much. Thankfully for Monero, the current Bitcoin price is keeping its value afloat.
In the Bitcoin market, Monero continues to hang on to its value just above 0.013 BTC per XMR. The lack of trading volume is less apparent in the BTC market, with over 190,000 XMR worth of bitcoin changing hands over the past 24 hours. HitBTC has taken over the lead from Poloniex in this market, which is quite a surprise. Up until a few days ago, HitBTC was not even in the top 3 for XMR/BTC volume.
All things considered, Monero continues to hold on, albeit it is by a thin thread. Its value has not plummeted yet, even though there is plenty of liquidity in the bitcoin trading market. It is a mystery why HitBTC is so popular all of a sudden, but it puts an interesting spin on the XMR market for sure.
Header image courtesy of Shutterstock
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
