Monero holders will be pleased to hear the price per XMR has begun a rebounding process. Whereas the value dropped below US$12 not too long ago, the price is now back to US$12.5. Although some future losses are not entirely out of the question, things are recovering nicely for Monero right now. Bitcoin is preparing for another bullish run, though, so anything can happen in the coming hours.
Monero Goes Back To US$12.5
It is somewhat surprising to see Monero rebound sharply. Although it appeared the price was going to remain below US$12 for quite some time. With the price dropping to US$11.80, there was no reason to panic just yet. However, it indicated a bearish trend could be established for the foreseeable future. Thankfully for XMR holders, that has not been the case by any means.
Looking at the price charts, Monero’s price swung between US$11.5 and US$13.02 earlier today. it is evident some people have tried to pump up the price, even though most of those efforts have been erased already. There is no reason for any cryptocurrency to gain too much in value over a brief span of time. In the case of Monero, regaining over US$0. 50 per XMR in 24 hours is quite impressive already. According tot eh statistics, Monero gained 5.74% in value.
Interestingly enough, the USD trading volume is slowly dwindling down once again. Although over half a million US Dollars worth of XMR changed hands over the past 24 hours, this change represents a near US$300,000 drop in volume compared to the day prior. So far, this has only had a positive effect on the XMR price, although it remains to be seen if this is a long-term effect.
With bitcoin still being the largest market for Monero, it appears traders are more than content to keep the price around 0.01 BTC for the time being. At the time of writing, one XMR is valued at 0.01039 BTC, which represents a 4.39% gain over the past 24 hours. Things are looking quite good for Monero right now, albeit a strong bitcoin bull run may erase all gains made rather quickly.
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