Things are still looking quite interesting for Monero right now. Although it appeared a big loss was looming on the horizon, XMR sustains a value of US$13.3 for the time being. While this value may dip a bit over the next few hours, the ongoing bitcoin bull rush may keep Monero’s value above the US$13 mark for quite some time to come.
A Day of Gains and Losses For Monero
As was to be expected, Monero suffered from some significant losses in the bitcoin market. Every time the BTC price goes up, most prominent altcoins see their exchange rate go down. On paper, that is rather troublesome, yet it is something the world of cryptocurrency has seen quite often over the past few years. It is doubtful this type behavior will change anytime soon either.
To put the losses into perspective, the price per XMR dipped by an average of 2.7% in the past 24 hours. It has to be said, the lowest point was 0.0123 BTC per XMR, a value that is well below what some people had expected. Right now, one Monero is worth 0.01259 bitcoin, albeit that value is expected to decline a fair bit over the coming hours. If bitcoin’s bull run is any indication, things will look troublesome for most altcoins by the end of today.
No one will be surprised to find out Poloniex is still the marketplace where most of the trading occurs. Even though Monero’s overall XMR/BTC trading volume has dipped by nearly 100,000 compared to two days ago, it is still holding its position with relative ease. Trading has been rather slow today as well, indicating we will not see over 150,000 XMR changing hands if the current trend continues. Whether or not that will impact the price in a negative manner, remains to be seen for now.
Thankfully for Monero, the USD value per XMR remains somewhat unaffected by the losses in the bitcoin market. The price fluctuated between US$12.87 and US$13.6 during the past 24 hours, yet seems to have settled at the US$13.3 mark for the time being. Depending on how the bitcoin market evolves, the value per XMR may go down a bit more over the next few hours. However, it should be able to stay above US$13 for at least another day.
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