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As was to be expected, Monero saw more impressive value gains over the past 24 hours. A lot of altcoins have seen significant pumps over the past few days, albeit these trends can never be sustained in the long run. For Monero, it appears a small correction is in order, despite the currency trading at well above US$20.
Monero Eyes That Elusive US$25 Target
The past week has been quite impressive for Monero holders, despite some minor setbacks along the way. Then again, resistance is to be expected across the exchanges, as no cryptocurrency can keep gaining value without some people looking to take profits along the way. Despite some holders cashing out at an early stage, things have turned out quite alright for Monero so far.
To be more precise, the price per XMR has increased to US$21.06 at the time of writing. That is quite a significant gain compared to yesterday’s value, even though it should not come as a surprise to anyone. Given the current bullish sentiment in the altcoin world, a 13.65% gain overnight is not all that uncommon right now. It remains to be seen how high Monero’s value will reach moving forward, though.
This spectacular gain can mostly be attributed to an increasing USD trading volume. To be more precise, close to US$3 million worth of XMR changed hands in the past 24 hours, which is quite an increase compared to a few days ago. Moreover, the EUR market has finally surpassed the 1m mark, as 1.378m EUR changed hands in the Monero market. It is evident this altcoin is firing on all cylinders right now.
Things are looking quite good for Monero on the Bitcoin front as well. With a 18.94% gain over the past 24 hours, Monero is well underway to get back to the 0.02 BTC mark in the coming days. That is, assuming this uptrend can continue. It is unclear what is driving demand for Monero all of a sudden, as its use cases remain very limited for the time being. Then again, the technology powering Monero is more than solid, which gives the tokens intrinsic value as well.
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