As was to be expected, Monero is one of the many altcoins currently enjoying a massive upward boost. The price per XMR has risen to well above US$24, and seems to be holding strong for the time being. Although there is no guarantee of seeing the price maintain this value for the long term, the overall altcoin momentum is rather bullish. Monero will certainly benefit from this momentum for some time to come.

XMR Soars past US$24 Over The Weekend

The price momentum currently found in the world of altcoins has not materialized before. So many currencies are gaining value all of a sudden, even though the Bitcoin price is not showing any sign of weakening just yet. With more money flowing into cryptocurrency as a whole, it is evident investors are diversifying their portfolios in a rather aggressive manner.

For Monero holders, this is quite positive news, as the altcoin’s value has been increasing steadily the past week. as of right now one XMR is valued at US$24.15, representing a 3.34% increase compared to just a few days ago. It is interesting to see Monero finally get some of the support it deserves after a few turbulent weeks of losing and gaining value around the US$20 mark.

Even though the fiat currency trading volume is declining for Monero, the numbers remain quite spectacular. With over US$1,43m and 259,241 EUR in trading volume over the past 24 hours, it is evident the upward momentum will not stop anytime soon. It is not unlikely XMR will finally hit US$25 and beyond in the coming weeks, using this overall bullish momentum will continue. Bitcoin continues to lose its dominant position on the market, though, which is somewhat good news.

Speaking of Bitcoin, Monero is gaining a lot of value against the popular cryptocurrency this weekend. Right now, XMR trades at a value of 0.010811 BTC, compared to below 0.015 BTC earlier this week. The growth has been nothing but spectacular, that much is evident. Poloniex and HitBTC remain the two largest markets, whereas Bitfinex is slipping behind Kraken in the rankings right now. An interesting situation well worth keeping an eye on.

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