It was only to be expected Monero would face a bit of opposition over the next few days. Right now, there is a small dip on the charts, which initially began right after XMR almost hit the US$22 mark once again. Not too much damage has been in the process, though, as XMR is still valued at US$20.82. There will be some more accumulation for the next few hours and days, all of which will benefit Monero in the end.
A Small Rough Patch for Monero Holders
In the world of cryptocurrency, gains and losses have to be taken in stride at all times. For Monero holders, it appears as if a day – or more – of small losses is looming on the horizon, albeit there is no real reason to explain why this downtrend is occurring right now. It is possible some people are converting XMR back to bitcoin, even though the latter has not seen a significant price increase over the past two days.
In fact, one would expect more people convert bitcoin to altcoins as of right now. Given the USD issues most exchanges are faced with, converting bitcoin into altcoins to hedge against future volatility is an option well worth considering. Monero is one of the more stable altcoins in this regard, which makes it a solid choice to diversify cryptocurrency holdings. Then again, no one knows for sure what cryptocurrency investors plan to do with their holdings.
Looking over the charts, things are not looking all that bad for Monero despite the dip to US$20.8. As was to be expected, fiat currency trading volumes are down a bit once again, although that will not impact the price all that much. It seems there is a very small bump in the CNY trading market volume right now, although it is not something to get excited about just yet. Interestingly enough, Bitfinex is still the leading USD trading exchange platform for Monero, despite the issues the platform is facing right now.
Things are looking relatively stable on the bitcoin front as well. That being said, XMR lost 1.05% in value against bitcoin and dipped below 0.017BTC for the time in a while. Once again, this is not something to be extremely concerned about right now, although the situation will need to reverse sooner rather than later. HitBTC has overtaken Poloniex as the largest BTC/XMR trading market right now which is rather surprising.
Header image courtesy of Shutterstock