The Monero price has remained fairly stable over the past 24 hours, even though there was a large spike to over US$22.5 a few hours ago. It is evident everyone who is holding XMR wants the value to go up as of right now, yet the overall market sentiment warrants a slightly more cautious approach. Slow and steady will always win the race, especially in the world of cryptocurrencies.
Monero is On Track For More Gains
It is good to see the popular altcoins hold their value or slightly appreciate even though the bitcoin price is on the rise. Bitcoin’s value has surpassed the US$1, 200 mark again a few days ago, which usually spells disaster for altcoin values. That is no longer the case as far as the prominent altcoins are considered these days. Monero is certainly on this brief list of altcoins which are slowly decoupling their value from bitcoin’s.
Over the past few hours, this has resulted in the Monero value successfully holding its own around the US$21.85 mark. The brief uptrend to US$22.73 could not be maintained for long, as it appears some traders were simply getting a bit ahead of the curve. There is plenty of time to push Monero’s value over the US$22 mark once there is enough momentum to maintain such a price movement for longer than just an hour.
Fiat currency traders are not doing much so sustain the XMR price growth plans right now, though. In fact, the USD market has shrunk to just over US$570, 000 over the past 24 hours, which is not all that great. Then again, this trend has little to no influence on the Monero value, nor will that ever be the case moving forward. Once this volume dries up entirely, things could be different, though.
All is well on the bitcoin front as far as XMR is concerned right now. The altcoin successfully holds the 0.0178 BTC mark with little to no problems whatsoever. It is possible the jump to 0.0185 BTC will materialize at some point later today, as the 24-hour peak briefly sat around the 0.022 BTC mark. Cryptocurrency trading is always an unpredictable market, to say the least, and anything can happen over the next few hours.
Header image courtesy of Shutterstock