Once again, things are evolving for Monero, albeit not in the right direction for a change. After surpassing US$19 per XMR just yesterday, the value per coin dropped to roughly US$17.5 in the past 24 hours. This drop should not surprise anyone, as altcoins usually struggle to keep the momentum going for longer than a few days.
A Bad Day For Monero But The End Is Not in Sight
It was only a matter of time until the Monero price went down again. Although there seemed to be a solid trend to support the upward momentum for longer than a few days, things have played out differently. With the value per XMR dropping by over 8.8% in the past 24 hours, it appears the pump cycle for Monero is over, for the time being.
To be more precise, a few altcoins have seen significant gains over the past few days, even though bitcoin has not seen any value decreases in the process. In most cases, altcoins only gain value when bitcoin’s price goes down, but the past few weeks have played out in a very different manner. Seeing altcoins go up in value alongside bitcoin is a rather unusual trend, and it seems like things are coming to an end for a lot of altcoins.
It also appears the USD trading volume is slowly going down for Monero. Although over US$1.4m USD has been exchanged for XMR in the past 24 hours, it is a US$200,00 decrease in just 24 hours. At this rate, it will only take a day or two until the volume is below US$1m again. Whether or not that will affect Monero’s price, is anybody’s guess right now. The EUR volume is shrinking as well, with the volume dropping by nearly 35% overnight. Not a positive development for Monero by any means, and perhaps a sign of things yet to come.
In the bitcoin department, things are not looking all that great for XMR either. With the value dropping by 9.51% in just 24 hours, it seems plausible to assume more losses are bound to happen sooner rather than later. Then again, the cryptocurrency market is home to plenty of volatility, and things can turn around at any given moment. For now, however, shorting XMR seems to be the preferable option among traders.
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