It would appear the Monero accumulation phase is not over entirely, albeit that is not necessarily a bad thing. Currency holders are seemingly content to keep the price between US$20 and US$21 for the time being. Monero has a fair chance of appreciating in price as more time progresses, that much is evident. Despite some small losses over the past few hours, things are still looking good.
Monero Continues The Sideways Shuffle
It is not entirely surprising to see XMR is continuing the sideways momentum that started yesterday. After all, once an altcoin goes sideways for a day, there will be no major changes over the next 24-72 hours. Monero is no different in this regard, as the currency is still hovering around the US$20.6 mark for the time being. There has been some mild volatility on the charts, although the price remains well within the US$20 – US$21 range for the vast majority of the time.
The current trend is not negative for Monero by any means, though. A lot of currencies are going through severe periods of volatility right now, yet Monero continues to stay the course. It is refreshing to see a popular altcoin not fall for the same trap so many other coins are suffering from right now. Monero is one of the most solid investments to hedge against cryptocurrency volatility right now, that much is evident for anyone to see.
As was to be expected, the XMR/USD market has all but collapsed at this point. With so many exchanges halting USD deposits, traders have to choose between bitcoin or altcoins, and it appears most of them are still confident bitcoin is the best choice. Then again, XMR still has over US$275,000 in USD volume, although it is expected that will dry up relatively quickly. The EUR market is losing a bit of steam as well, even though it will automatically become the second-largest trading market for XMR over the next few days.
On the bitcoin front, Monero takes its daily losses in stride, by the look of things. The past 24 hours of trading result in a 0.53% value loss, which is next to nothing compared to most other major altcoins. Now is a good time to keep calm and hold XMR until the market calms down once again. Monero should surpass the 0.017 BTC mark soon enough, after which traders can expect some upward momentum once again.
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.