Not much has happened for Monero these past 24 hours, as the value per XMR remained somewhat stable. This is not necessarily a positive development, as this means Monero remains valued under US$13 per coin. Then again, it appears a level of stability has been formed for the time being, which may put some people’s mind at ease.
Monero Hovers Around US$13 Again
Interestingly enough, Monero continues to lose value these past few days. With another 3.75% loss for XMR on the charts right now, things are not looking all that great. Then again, Monero seems to hover around the US$13 mark for the being, which seems to be the new support platform for the time being. Given the volatile nature of Monero as of late, US$13 per coin is quite a good value to hover around, for now.
To support the XMR price, a lot of new capital needs to flow into this altcoin market over the next few days. Right now, that does not seem to be the case, as volumes continue to go down even more in all trading markets. Things are not looking great for Monero in this regard, as even the bitcoin volume is going down right now.
In the USD market, it seems US$600k is the new average 214-hour volume. While that is quite significant for an altcoin that is not the in the top 3 based on market cap, it is too little to make a big impact on the Monero price right now. In fact, unless the volume doubles or even triples in the coming weeks, no big gains will be made for Monero anytime soon. Relying on bitcoin’s value will only go well for so long.
On the bitcoin front, things look somewhat stable for Monero, albeit that may only be an illusion for now. With the XMR/BTC value dropping by 2.33% overnight, very little damage has been done. A lot of people expected this trading market to go up rather than down, but that has not been the case so far. The lack of trading volume in the BTC/XMR market can become a problem, though.
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.