As we successfully predicted yesterday, the XMR price is continuing to head in the upward direction. While bitcoin is preparing for another small bull run, various altcoins appreciate in value as well. Monero is one of these few rare coins which no longer see their value determined by bitcoin alone. All things considered, it is good to be an XMR holder as of right now.
The Road To US$22 Gets A Bit Shorter
Looking at the Monero price charts, it is not hard to see what the ultimate goal is moving forward. One XMR was valued at US$22 and slightly above about a week, and it appears as if the price is heading in that direction once again. Achieving that goal is a bit of a slow process, but there is no reason to rush things either. Slow and steady wins the race when it comes to cryptocurrency, as Monero is no ordinary pump-and-dump.
Over the past 24 hours, there have been some intriguing price movements for Monero. Despite a few brief dips toward the US$21 mark, the price eventually recovered back to US$21.53. Compared to yesterday’s value, that represents a 0.37% increase. A small bump in the right direction, but more than enough to keep Monero heading toward that US$22 mark.
Things are returning to normal in the fiat currency markets as well, although that is a bit of a shame. The EUR market saw its volume reduced by nearly 50% compared to yesterday, while the USD market represents just over US$730,000. Now that Bitfinex is no longer accepting fiat currency deposits, it will be interesting to see how this development affects Monero’s fiat currency trading markets moving forward. Poloniex is still the second-largest exchange for USD volume, thus the effect should be minimal.
Compared to bitcoin, things are not necessarily looking great for Monero, although that doesn’t mean one should panic either. While there has been a 3.66% loss over the past 24 hours, Monero is holding its own just fine for the time being. Some volatility against bitcoin is to be expected once the BTC price starts picking up. For now, that bitcoin bull run seems to have cooled off and further bitcoin price declines are not out of the question. All things considered, there is no reason to think Monero will not hit the US$22 mark in the coming days.
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