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Things continue to look rather bad for the Monero market as of late. The currency continues to lose ground against Bitcoin, and fiat currency markets continue to show less of a demand for XMR as well. Despite these negative trends, the USD value per XMR is clawing its way back up again.
A Mixed Bag of Trends For Monero
Cryptocurrency markets are notorious for their volatility, and it appears Monero sees its fair share of unpredictability as of late. With both the USD and BTC volume on the decline, one would expect the price to plummet, but that is not necessarily the case. Or to be more precise, the value in US Dollar value is not declining, but the currency is losing ground in the Bitcoin market.
The dwindling XMR value against Bitcoin is rather surprising, considering the XMR/BTC trade volume has been on the rise over the past two days. With the Bitcoin market, representing 94.4% of all trades once again, it remains the primary indicator of how one should perceive the value of Monero.
As of right now, one XMR is trading at a value of 0.01475 Bitcoin, which is down from its 0.0167 point over 24 hours ago. Such a sharp retrace is not unusual for the altcoin market and can be explained by looking at Bitcoin’s recent price gains. After all, Bitcoin has been regaining some of its lost value over the past 36 hours, which always impacts the altcoin prices
In the USD Market, things are faring slightly better for Monero. Its market cap has risen to US$187. 84m once again, and each MR is currently valued at US$13.70. That is a 4.42% increase over the past 24 hours, which is a positive development for Monero. It is expected the price will remain somewhat flat over the coming days, though, albeit a climb to US$14 is not impossible to achieve.
Poloniex remains the dominant Monero market, both for Bitcoin and US Dollar trading volumes. Kraken remains in the last spot, even though it has a higher fiat currency value per XMR compared to other exchanges. Things are looking quite positive for this altcoin, as it is one of the few currencies able to maintain a somewhat stable value in recent weeks.
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