After a few days filled with optimism, it appears Monero’s value is heading down once again. This is rather surprising, as yesterday’s trend seemed to indicate reaching a value of US$25 per XMR was a matter of mere hours. Things have taken a turn for the worse due to bitcoin regaining some of its lost value. This pullback may be a temporary reversal, though.
Monero Comes Down, But is Still Kicking
Any time the bitcoin price goes up, there will be some form of negative reaction across altcoin markets. In the case of Monero, the downtrend is directly related to bitcoin surpassing U$1,075 once again. Due to this unexpected price movement for bitcoin, all altcoins will have to adjust once again before they can resume their previously established trends.
Monero lost 7.8% of its value over the past 24 hours, which is not looking all that great. It is certainly possible the value per XMR will continue to decline over the next few hours, depending on how bitcoin’s price evolves. A temporary setback is nothing to be concerned about, even though the losses are quite substantial. Cryptocurrency remains a very volatility industry and there is not much that can be done about that, unfortunately.
One positive note is how Monero’s fiat currency trading volume is picking up once again. The USD market brought in over US$2m, which is a nice increase compared to yesterday, Demand from European investors is also on the rise, judging by the EUR trading volume. Although these numbers are heading in the right direction, bitcoin remains the largest trading market. It will be quite difficult for Monero to change this situation anytime soon.
Speaking of bitcoin, Monero is losing a lot of ground against the world’s leading cryptocurrency. With 13.41% losses over the past 24 hours, things are not looking all that great. If bitcon’s price has increased by US$150 or more, such a change would not be unusual. However, the price did not increase by all that much, even though bitcoin is heading back towards US$1,100. A few tough hours are on the horizon for Monero, that much is certain.
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