Things are looking up again for Monero, as the price is starting to show signs of recovery. Although we are still some distance away from the US$13 mark, XMR recovered over 3.5% of its value over the past 24 hours. To many people, this is rather surprising, considering how Monero seems to hold its ground in the BTC market during these bullish bitcoin times.
Monero is Showing Signs of Recovery
It is good to see Monero show some minor signs of recovery, even though there is still a very long way to go. With some noticeable gains over the past few hours, Monero is surging towards the US$13 price point once again. This goal is definitely within reach, assuming Monero can hold on to its strong position in the bitcoin market. It will be interesting to see if this is possible, though, as bitcoin is showing signs of mounting bullish behavior right now.
The USD market is not showing too much love for Monero right now, even though the trading volume remains well above the US$200,000 mark over the past 24 hours. It is difficult for investors to justify buying an altcoin while bitcoin is shooting up like a rocket. Then again, there is no reason to put all of one’s eggs into the same basket and diversification remains the key to a successful cryptocurrency portfolio. Interestingly enough, the Euro market shows signs of growth for Monero, which could hint at future things to come.
Speaking of the XMR/EUR market, it is quite significant to see this sudden surge in popularity. Considering there is only one major cryptocurrency exchange allowing this trading pair, investors do not have a lot of options when it comes to buying Monero with fiat. It remains unknown if and when other exchanges will add an XMR/EUR pair over time, as that would be quite useful for the Monero community as a whole.
All eyes will be on the XMR/BTC market over the coming days, though. Monero managed to hang on to its 0.011BTC level for the time being, albeit this situation may come to change very soon. Despite bitcoin’s current bull trend, Monero continues to go up at the same time. This type of behavior is unusually not sustainable in the long run, albeit one never knows what may happen in the next few hours.
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