It would appear Monero is still holding onto its US$12 price for the time being, even though the market continues to deal with a bearish trend. Bitcoin’s bull rush has not materialized yet, although it would appear a stable price floor has been established. It is unclear what this means for XMR, although a dip below US$12 seems to be a matter of time.
Monero Is Still On Shaky Ground
Even though not much has changed for Monero over the past few hours, it is evident the market has not settled down just yet. A lot of investors are keeping their eye on the bitcoin price, which seems poised to go up once again sooner rather than later. It is not unlikely a new all-time high will be reached in the coming hours. If that were to happen, it is only a matter of time until Monero’s value takes a significant hit.
For the time being, XMR still floats around the US$12 mark. Considering the price dropped to US$11.30 briefly a few hours ago, it is evident investors are contemplating to exit the Monero market, should bitcoin’s bull rush materialize. For now, a US$12 value per XMR seems fair, although some people may feel this is still overpriced. Whether or not this is a valid sentiment is up to the market to decide.
Poloniex seems to be back in the driving seat when it comes to USD/XMR trades. Even though order is restored in this regard, the overall USD volume remains incredibly small. Less than US$150,000 worth of XMR changed hands over the past 24 hours, which does not bode well for Monero by any means. However, the USD market has overtaken the EUR trading volume once again. It appears the XMR/EUR trading boost was a brief trend, although no one knows what caused this sudden spike in interest.
On the bitcoin front, things have not changed all that much. Monero is still hovering around the 0.01 BTC mark, although a drop below this mark is expected to take place sooner or later. Poloniex is generating most of the trading volume for XMR right now, although its daily volume seems to have dropped in this regard as well. Investors seem to be switching their attention back to bitcoin, as it remains the primary cryptocurrency.
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