Today could turn out to be a very good day for All Monero holders. As announced earlier this week, the Korean Bithumb exchange will open deposits for XMR today. This doesn’t mean people can effectively trade it right away, though. Instead, they will have to wait until the 26th – or 27th, depending on your time zone – until trades open. The cryptocurrency community seems excited about this development, for obvious reasons. Whether or not we will see an XMR price rise, remains to be seen.
Whenever a cryptocurrency gets added to an exchange, people get overexcited. Monero has been listed on the world’s top exchanges for quite some time now. With the solid developer team and strong community, XMR has become one of the most-respected cryptocurrencies to date. The price doesn’t necessarily reflect this growth, according to most people. After all, one XMR is only worth 1/3rd of a DASH, which is often – wrongfully – considered to be one of Monero’s main competitors. There is a lot of growth potential in XMR, though.
Monero Speculators get Overly Excited
As of today, Monero holders can start depositing XMR to the Bithumb exchange. This gateway into the Korean cryptocurrency market can be rather significant. Many speculators expect a major pump to happen on Bithumb over the next few days. With trading beginning on the 26th, people have about 48 hours left to stock up on Monero if they think they price will rise. However, one has to keep in mind XMR already made a big jump earlier this week. The price rose to $95 after hovering around $50 for some time.
One Reddit user claims Bithumb purposefully delayed XMR deposits so they could stock up on cheaper coins. Sentiments like these will be believable to novice users, but it is doubtful that is the case. We will see how this trading market affects this particular cryptocurrency. Previous coins listed there saw a major pump – followed by an equally large dump – during the first few days.
It is evident people want Monero to succeed very badly, which is understandable. The cryptocurrency has some of the most solid technology in the anonymity department. Getting listed on a big Korean exchange will not necessarily provide long-term growth. It opens the door for mere speculation more than anything else. Some people don’t care about the long-term success of this coin, that much is evident. Making money takes center stage these days. It will be interesting to see if the Bithumb listing causes a pump or a massive price correction.
Header image courtesy of Shutterstock