Another day of trading Monero is in the books and it appears things have stagnated a bit. That is not entirely surprising, although there was some volatility in the market yesterday. For the time being, it seems as if Monero will maintain its US$12 level for at least another day, about anything can happen in the altcoin world overnight.
Monero Is Flattening Out A Bit
It is somewhat positive to see Monero go through a quieter trading period right now. After a few weeks of volatility, things are seemingly settling down. For Monero holders, that means they can enjoy an XMR price point of US$12 and change. Although it remains uncertain how long this stability will last, it is a rather positive development for the time being.
One issue Monero is still suffering from is a rather weak trading volume in the USD market. This trend has been present for quite some time, although things are seemingly getting progressively worse. Over the past three days, the average daily trading volume was just over 6,000 XMR. That is a bit depressing, as XMR continues to struggle to gain ground in the fiat currency markets. Considering the USD market is XMR’s second-largest trading avenue, things will need to pick up sooner rather than later.
Things are looking a lot better in the XMR/BTC segment. As we mentioned in yesterday’s article, Monero maintained its position above 0.012 BTC, even though there were some very wild price swings. With a low of 0..01115 BTC and a high of 0.01438 BTC in the past 24 hours, things could have gotten out of hand by quite a margin. Thankfully, things settled down around the 0.0123 BTC mark for the time being, albeit it looks like Monero is getting ready for another leg up.
One interesting change is how HitBTC has once again taken over from Poloniex as the leading XMR/BTC exchange. Albeit both platforms are very close in terms of trading volume, it goes to show the demand for Monero is still growing. Kraken has managed to hold on to the third spot, enjoying a near 10,000 XMR lead over Bitfinex. Bitcoin trades continue to represent over 90% of all XMR trades, though. It will be interesting to see how the markets evolve for Monero over the coming days, albeit it seems logical to expect more of the same.
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