Monero price Analysis – More of the Same Despite Small Losses



Another day of Monero trading is in the books, and very little has changed on the charts over the past 24 hours. Other than bitcoin continuing to go up in value, there is not much going on in the cryptocurrency space right now. For Monero holders, that is not necessarily bad news, as the price continues to maintain its value above the US$20 mark.

Not Too Many Changes For Monero

It is not entirely surprising to learn very little has changed for Monero over the past day or so. There is no real reason for the currency to gain much value, although a return to US$21 is not entirely impossible either right now. The past few days have been filled with small daily losses, slowly pushing down the price, though. Then again, given bitcoin’s current bullish trend, that is no real surprise to anyone who has been involved in cryptocurrency for more than five minutes.

The past 24 hours have seen very little trading volume overall, though, which is a bit disconcerting. Then again, Monero is mainly traded against bitcoin right now, and the current price increase ensures a lot of investors are keeping their funds in BTC for the time being. Trading cryptocurrency is all about making a profit, and bitcoin is by far the best option to generate a passive profit relatively quickly.

Speaking of the XMR trading volume, it seems that USD and EUR trading pairs are picking up in volume again. The US Dollar trading pair represents US$904,000 worth of volume, whereas the EUR traders contribute 311,630 EUR. Both volumes are significant increases compared to the 24 hours ago, a sit appeared the volume was nearly drying up for both markets. Then again, it appears a lot of Bitfinex users are diversifying their USD holdings by purchasing Monero right now, which is a welcome change of pace.

On the bitcoin front, Monero seems to be taking quite a beating again, though. As of right now, there is a 2.49% loss on the 24-hour chart, which is quite bad. Then again, Monero’s value is not necessarily linked to bitcoin by any means, thus these losses are not necessarily a primary indication of the XMR value. Then again, a lot of people still look at XMR/BTC primarily, and for now, it looks like this trading pair may continue to go down in value over the coming days.

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About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.