The world of bitcoin and cryptocurrency has been turned on its head over the past few days. It appears virtually every cryptocurrency is seeing significant value increases right now. While a lot of people focus on bitcoin and Dash, Monero has climbed back to US$13 as well. An interesting turn of events that surprised quite a few people.
Monero is Back In Business
It has to be said, the Monero charts looked somewhat favorable for Monero yesterday evening. Although the currency made up a lot of ground already, it appears investors and traders had no plans to settle for a lower value. To be more precise, that value was US$12.5, yet the market has seen an influx of new money, pushing the XMR price back to the US$13 mark over the past few hours. It is not unlikely this value will drop a bit over the next few hours, though.
With the XMR price swinging between US$11.5 and US$13.4, it is evident Monero suffers from a fair bit of volatility right now. While this volatility can work in the favor of Monero for the next few days, it remains to be seen if a positive long-term trend can be established moving forward. Then again, the world of cryptocurrency is rather unpredictable, and XMR may go up to US$14 in the next 24 hours for all we know.
It is quite positive for Monero to see the USD market grow in size once again. Fiat currency trades for altcoins have always been slightly problematic, although things are slowly evolving in the right direction for Monero as of late. In fact, the USD trading market is inching towards US$1m in 24-hour trading volume, albeit there is still some ways to go. Over the past 24 hours, Monero saw over US$800k worth of trading volume, which is quite impressive, to say the least
Bitcoin remains the largest trading market for Monero, a fact that will not change anytime soon. Despite bitcoin’s bull rush, Monero’s value has not been affected in a negative manner. In fact, it appears the XMR/BTC value has been rising slightly over the past 24 hours. Right now, one XMR is worth 0.01059 BTC, a 1.8% increase compared to yesterday’s price. Monero is back in business, that much is certain.
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