The past 24 hours have proven to be quite interesting for Monero and its community members. Although the altcoin failed in reclaiming is US$13 mark overnight, the price has not plummeted entirely either, which is a positive development. Despite significant losses in the BTC market, Monero remains on track to stay above the US$12 mark for the time being. Then again, anything can happen in the world of cryptocurrency.

Monero is Not Going Down Without A Fight

It is good to see Monero put up a valiant fight during this bullish bitcoin trend. With bitcoin setting a new all-time high for the first time since 2013, things are looking pretty bad for the majority of altcoins. Thankfully, there are some exceptions in this regard, including Monero. While the anonymity-oriented currency has not made any significant gains in value, it hasn’t dropped down like a brick either.

Over the past 24 hours, Monero’s value took a whopping 4.21% nosedive. Considering bitcoin’s moonward trajectory, that is quite positive for Monero. After all, the losses could have been in the double digits quite easily. Monero has a few things going for it, though, including a clear direction of development. Investors remain confident where Monero is concerned, which shouldn’t surprise anyone at this stage.

There are some intriguing changes to take notice of in the trading markets. First all, the USD market is growing a tad larger than it used to be, despite generating the same amount of volume as the past few weeks. However, the EUR market has now clearly overtaken its USD counterpart by quite a margin.

Those who are quick of mind will have noticed this means the bitcoin trading market is becoming a bit smaller. That is correct, even though Bitcoin is still used to buy and sell Monero in nearly 8 out of 10 trades. With a 7.59% decline in the bitcoin market, it is evident most Monero holders have dumped their XMR in favor of BTC over the past few hours. HitBTC is still a strong contender, despite Poloniex generating over 4170 BTC in volume. For some reason, our source did not record any Poloniex trading volume over the past 24 hours, which skews the numbers a bit.

Header image courtesy of Shutterstock

Tags: , ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.