Monero Price Analysis – Soaring To New Heights

By February 15, 2017Bitcoin Business
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Monero Price Analysis – Soaring To New Heights

As we predicted yesterday, Monero’s price has seen a nice increase over the past 24 hours. With a near 10% gain in less than a day, things are looking very positive for this altcoin right now. It is difficult to predict where the price will go next, even though maintaining a price above US$13 needs to be the top priority right now. All things considered, Monero has seen a healthy gain during bitcoin’s slow but steady march to US$1,010.

Monero Exceeds Wildest Expectations

Most people expected the Monero price to go up in the past 24 hours, albeit the success is beyond most people’s expectations. With a 10% increase overnight, a lot of people woke up to a pleasant surprise. Whereas the price dipped to US$12. 35 yesterday, it now sits [comfortably] above the US$13.5 mark. Whether or not this price point can be sustained in the long run, remains to be seen, though.

It is good to see Monero is getting some attention from USD traders as well. For quite some time now, this market has seen very little volume, which has been a topic of concern. Overnight, things have turned around in spectacular fashion, with just over 25,000 XMR changing hands in exchange for US Dollars. Compared to this week’s average of under 10,000 XMR, that is quite a significant change.

The vast majority of gains was made in the XMR/Bitcoin market, though. With a 9.785% increase in value overnight, Monero is looking very strong right now. These gains may only be temporary, though, depending on how the bitcoin market evolves over the coming hours. The XMR volume in the bitcoin market has gone up as well, although it is still far from reaching the peak set on January 31st.

Yesterday saw over 282,000 XMR gets traded in the bitcoin market, which is quite significant. As one could determine by looking at the price, the majority of trades were buy orders. Poloniex and HitBTC did extremely well in this regard, albeit the latter only has 26.76% of the total market volume. Poloniex remains the leader in this regard, with nearly seven in ten trades going through this platform alone.

About 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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