Monero Price Analysis – Spiking USD Trading Volume Pushes XMR To US$21

Fortune often favors the brave and the bold, even in the world of cryptocurrency. Monero holders will be pleased to hear the XMR value is once again at the US$21 level, despite a few setbacks over the past few days. Things are looking very good for Monero right now, even though a lot of other altcoins are going up in value at the same time.

XMR Goes Back To US$21

It was only a matter of time until the price per XMR returned to the US$21 mark. Even though the past few days have revolved around XMR constantly losing value against both the USD and BTC, things are slowly starting to reverse course. That was only to be expected, as it was evident some whales were keeping the XMR value below the US$20 level for accumulation purposes.

At the time of writing, one XMR is valued at US$21.05, which represents a 7.95% increase compared to the same period 24 hours ago. On the charts, we can clearly see a major spike upward from the US$19.7 level all the way to US$21.4. It was to be expected the price would come down again after such a meteoric rise, although most holders will gladly settle for US$21 right now.

What is incredibly surprising is how the fiat currency trading volume of Monero is going through the roof right now. Nearly US$2m worth of XMR was traded over the past 24 hours, combined with nearly 700,000 EUR worth of volume. Those numbers are extremely high compared to previous weeks. Most of the USD funds are coming from Bitfinex, although Poloniex is contributing nearly US$8830,000 as well. This could be a sign of Bitcoin users converting to US Dollars to buy altcoins, although that is mere speculation at this point.

For now, a lot of traders keeping a close eye on the XMR/BTC market, as that is usually where the magic happens. So far, XMR has shown a 6.21% value increase, which is a positive trend. Poloniex and HitbTC are responsible for the majority of trading volume. If XMR can stay above the 0.016BTC mark, things are looking quite good. However, anything can change in cryptocurrency, and there are never any guarantees.

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