It appears as if Monero is more than content to continue hovering between US$12.5 and US$13. Right now, one XMR is trading at a value of US$12.65, which represents another 2.92% decline over the past 24 hours. Then again, things seem to have stabilized over the past few days, even though it seems unlikely any major gains will be recorded over the coming days.
Another Quiet Today For Monero Traders
With not much happening on the Monero price front, there is little reason for traders to pump money into this altcoin ecosystem right now. However, investors are not pulling their money out either, which could spell a positive future for Monero. Right now, remaining stable is more favorable than multiple gains and losses in quick succession. Hovering around the US$12.7 mark seems to be a solid price point for Monero right now.
The only thing that can shake up things quite a bit is the influx of fresh trading capital. For now, the markets seem rather flat in this regard, as no new money is finding its way to Monero. Instead, the USD and BTC trading volumes remain rather flat, which allows for Monero’s price to stabilize. Traders and investors can’t ask for much more at this time, as all eyes remain on bitcoin for the next few days.
Despite a lot of USD traders keeping a close eye on what is happening to bitcoin, the Monero trading market continues to hover around US$650k worth of daily volume. That is still a positive number, all things considered, albeit it may not be enough to warrant a price increase anytime soon. The Euro market is showing signs of growth, though, as several consecutive days with over 200k EUR worth of trading volume have been recorded this week.
Monero continues to take a beating on the bitcoin front, though. With another 7.85% loss in the past 24 hours, things are not looking all that great for the time being. As long as XMR stays above 0.01 BTC, things should be just fine, though. Right now, one XMR is worth 0.01033 BTC, although the value has dipped below 0.01 Bitcoin in the past 24 hours. Considering bitcoin showed significant signs of a potential bull rush earlier today, it is possible XMR will drop below 0.01 BTC in the next 24 hours.
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.