It would appear as if the Monero ecosystem is seeing a rather surprising turn of events in the price department right now. After things were looking rather bleak yesterday, the value per XMR has started to increase again these past few hours. An interesting development, to say the least, considering how virtually every other altcoin is dealing with significant losses right now.
Monero Is Bouncing Back With a Vengeance
A lot of people will be surprised to learn the Monero price is going up right now, rather than going down. Keeping in mind how Monero usually responds in a negative manner every time the bitcoin price goes up, it appears things are changing for the better as of right now. With Monero’s value going up at the same time as bitcoin, things are now looking rather favorable for XMR. That is, assuming the trend can be maintained, yet there is no reason to think that will not be the case.
Looking at the XMR/USD chart for the past 24 hours, it is evident this price increase is not a sudden trend. Instead, the value per XMR has been going up steadily over the past few hours, without showing any signs of slowing down. This could indicate more altcoins will start to recover sooner rather than later, yet it remains to be seen if that will be the case in the future. For now, Monero looks rather solid, though, which is nice to see.
As was to be expected, fiat currency traders are returning to the Monero ecosystem after the weekend. The USD trading volume has increased to US$886, 000 once again, which is a big step up compared to yesterday’s volume. Monero still has a way to go before it reaches US$1m again, although it appears to be only a matter of time until this happens. The EUR market is contributing its fair share of volume as well, resulting in 197,096 EUR in trading volume in the XMR market.
Additionally, it appears XMR is appreciating in value against bitcoin as well. To be more specific, the current XMR price sits around the 0.01791 mark which translate to a 6.1% gain over the past 24 hours. If Monero can maintain this trend moving forward, the currency should be able to reach the 0.0185 mark once again over the coming hours. For now, Monero is looking like one of the more resilient altcoins in existence.
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