Contrary to what most people expected, the Monero price is rebounding quite nicely these past few days. Things were looking rather bleak for this altcoin, yet it somehow managed to gain over US$.2.5 in value compared to Friday afternoon. With XMR trading above US$15.7 once again, there is plenty of excitement among Monero holders right now.
Monero Surges Ahead Amid Bitcoin ETF Rejection
It was only to be expected certain altcoins would thrive ever since the bitcoin ETF rule change proposal has been rejected by the SEC. That does not mean this price trend will be permanent, though, as the cryptocurrency world remains susceptible to volatility in every market on any given day. For Monero, this volatility is working out in a favorable manner, pushing the price per XMR back over US$15.
To put this news into perspective, the XMR price went up by 11.5% in the past 24 hours alone. That is quite a significant jump, although weekends are often good times for altcoin trading. In some cases, this leads to significant losses, but it appears bitcoin holders are spreading some of their funds around across different markets right now. Some of that money is finding its way to Monero, by the look of things.
It is anything but surprising to learn Monero has appreciated in value against bitcoin. a 7.13% gain in the past 34 hours shows there is still some room left for future value increases. However, bitcoin is starting another bull run by the look of things, which may result in XMR trading volume drying up slowly. Poloniex is holding down the fort with over 8.500 BTC in trading volume, though, so things are looking quite good for Monero.
One thing that is rather apparent is how not all of the trading volume is coming from the Bitcoin side of things. Both the USD and EUR market have exploded in volume these past few days. The USD market sits at US$16m worth of volume, whereas its EUR counterpart generated nearly 1 million in volume. Both numbers are spectacular increases for Monero, compared to a few days ago. The appetite for XMR seems to be insatiable at this time, although things may turn around at any given moment.
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.