Monero Price Analysis – Bitcoin Bull Rush Will Make Things Interesting

By February 16, 2017Bitcoin Business
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Monero Price Analysis – Bitcoin Bull Rush Will Make Things Interesting
Monero Price Analysis – Bitcoin Bull Rush Will Make Things Interesting

It was expected some things would change for Monero after its recent price surge. Contrary to what some people may have been expected, things did not change in a negative manner per se. Granted, XMR has lost a small part of its value, but that was to be expected after yesterday’s gains. All things considered, things have remained virtually the same overnight, which is good to see.

Monero Holds Onto its Gains For Now

Looking over the Monero price charts for the past 24 hours, very little has changed. There has been a small decline from US$13.5 to US$13.17, albeit things did pick up once again afterward. Right now, XMR is trading at US$13.45, albeit it is very likely the value will dip a little bit lower for the next few hours. Right now, bitcoin seems to be starting on a new bull rush, which always impacts altcoins in a rather strange manner.

What is rather interesting to see is how the USD trading volume continues to pick up for Monero. Yesterday saw a record-high trading volume for the entire month of February, which hints at a lot of confidence by investors. Then again, 30,000 XMR in trading volume is still not overly exciting, as Monero offers some intriguing features bitcoin has lacked for several years now.

It is well worth noting the EUR market has overtaken the USD market for the first time this year. A total of 3,000 XMR is separating both markets right now, albeit it is possible they will continue to one up one another over the next few weeks. Then again, more fiat currency markets competing for XMR trading volume will help stabilize the Monero price and even push it upward over time.

In the Bitcoin market, however, things are not looking all that great for Monero right now. The value has dropped from the peak of 0.01378BTC and is currently well below the 0.013 BTC mark. With a near 5% loss against bitcoin, things can get quite shake for Monero over the next few days. Further declines against bitcoin are expected for XMR, especially if bitcoin’s bull rush continues later today.

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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