Altcoins are once again suffering from the latest bitcoin price increase. Whereas virtually every coin is losing value Monero seems to contain the damage successfully. Do not be mistaken in thinking XMR is not losing profitability, though, albeit it is only a matter of time until the prices adjust once again. For now, there is nothing left to do but hold and sit out the ride.
Monero Holders Prepare For Another Battering
It is evident every bitcoin price increase will reflect badly on altcoins. Regardless of which altcoin one is talking about, there will be blood in the water over the coming 24 hours. It appears investors are going to push the bitcoin price to a new all-time high very soon, which will have a significant impact on the Monero price as well. For now, no one knows why bitcoin’s value is going up all of a sudden, though.
On the Monero front, a lot of damage has been done in a few hours. Considering how the XMR price opened at US$21,41, the drop to US$20.65 is quite significant. Then again, it is likely we will dive under the US$20 mark over the next day or so, depending on how much legwork the bitcoin bull run can produce. The weekend is always an odd period for trading cryptocurrency with charts heading in unexpected directions.
One thing Monero still had going for it was how fiat currency traders are very active in the XMR market. That volume has been cut in half, although that is not surprising during the weekend either. Barely over US$500,000 and 156,400 EUR worth of XMR has changed hands over the past 24 hours. It is expected this volume will pick up again over the next few days, though, unless something spectacular happens to the bitcoin price.
No one will be surprised to see XMR take a serious beating in the bitcoin trading market right now. Losses are already mounting, resulting in a 7.25% decline over the past few hours. If this trend continues, XMR may dip below 0.0165BTC in the coming hours, although it should bounce back a bit shortly after. Altcoin holders are converting to bitcoin again, which will result in even more volatility moving forward. For now, all Monero holders can do is be patient and don’t trade based on emotions. Things will settle down eventually.
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