HomeAltcoin NewsMonero Price Analysis - The Uptrend Is Confirmed

Monero Price Analysis – The Uptrend Is Confirmed


Another good day of trading is in the book for everyone who holds XMR as part of their portfolio. Monero holders will be quite relieved to hear yesterday’s price surge was no fluke, as the trend has been confirmed and improved upon in the past 24 hours. That does not mean things will remain the same over the coming days, but for now, cautious optimism is more than warranted.

More Gains For XMR As Bitcoin Sets New ATH

It is quite surprising to see bitcoin set a new all-time high and not see altcoins crashing hard. The cryptocurrency ecosystem as a whole is maturing, and it is no longer all about bitcoin. Several other contenders have emerged and are all staking their claim as a key pillar of the cryptocurrency ecosystem. Monero is certainly on those coins, as XMR has gained a lot of traction over the past year.

As a result of this positive attention, the price per individual XMR continues to appreciate as time progresses. Just yesterday, XMR reached US$21 for the first time in about a week. Some people assumed this was a brief pump, but it looks as if the uptrend has been solidified. Right now, one XMR is worth US$21.63, representing a 2.17% increase compared to the same time yesterday. An interesting development, although no one knows for sure how long it will last.

That being said, quite a few altcoins see an increase in price over the past few days. Yesterday, Monero saw a massive influx of USD and EUR trading volume. This trend is continuing as we speak, with the USD trading volume surpassing US$2.6m in the past 24 hours. The EUR market is still contributing nicely as well, as it generated nearly 709,000 EUR in the past day. Bitfinex is still the market leader when it comes to the XMR/USD trading pair, with US$1.5m going through their platform as we speak.

Monero is also appreciating in value against Bitcoin, despite the latter reaching a new all-time high. One XMR is worth 0.01663 BTC right now, which represents a 3% increase compared to yesterday. Things are definitely heating up for Monero over the past few days, and XMR holders can only hope this trend continues over the coming days. These are exciting times to be involved in cryptocurrency, that much is evident.

Header image courtesy of Shutterstock


JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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