Not too many people will be surprised to learn Monero is starting to lose ground against bitcoin and the US Dollar once again. Although there has been no negative news about Monero, not much positive is worth mentioning either. Things will remain rather stagnant until the next major development update is released to the public, which is expected to take place in the near future.
Monero’s Price Dips Below US$20
Given the recent bitcoin semi-bullish patterns, it is only normal altcoins see their value decrease. Unfortunately for XMR holders, Monero is not immune to such changes by any means. In fact, the currency lost ground against fiat currencies and bitcoin alike, indicating traders and investors are shifting their assets around once again. This does not necessarily represent a long-term shift, but it is advised to tread carefully for the time being.
With the value per XMR dipping below the US$20 mark once again, things are not looking all that great. Over the past few weeks, bullish bitcoin price patterns only helped Monero’s value, solidifying its position on the market. It appears that trend is no longer valid, resulting in a 2.36% value decline in US Dollars. Considering how XMR dipped to US$18.36 at one point, maintaining a value around US$19.4 is still promising, for the time being.
As one would expect from a bullish bitcoin trend manifesting itself, the fiat currency trading volume for Monero is drying up once again. The USD market saw just over US$841k in 24-hour volume, whereas the European traders only contributed 281,000 EUR in the same period. Both of these numbers are rather low, which does not bode well for the XMR price moving forward. If these markets continue to bleed trading volume, Monero will face an even steeper uphill battle.
As previously mentioned, bitcoin’s upward trend is not doing XMR any favors right now either. With a 5.04% value loss in 24 hours, a lot of money is being pulled out of Monero right now. These are golden opportunities for speculators and traders, though, as Monero might bounce back at any given moment. Moreover, the upward bitcoin trend may not be sustainable for all that long, which would see money flowing back into altcoins. Now would be a good time to explore trading opportunities regarding Monero, although finding enough trading liquidity for large orders may be a bit problematic.
Are you a Monero enthusiastic?
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Good analysis. I like the idea of monero because of the privacy and have been waiting to get in with some of my bitcoin. I'm wondering if this is the right time.
Interesting discussion. Nice to see I'm not the only one who thinks like this. Many people say the prices of cryptos are high but we also thought that about Amazon, Apple and Facebok last year. I found this great website: https://www.coincheckup.com Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. Go to: https://www.coincheckup.com/coins/Monero#analysis For the Monero Report