The past few hours have proven to be quite intense for Monero holders. Even though the value per XMR dipped below the US$16 mark yesterday, things are starting to rebound once again. Right now, one XMR is worth of US$18.2, thanks to a new price surge, which became apparent these past few hours. It is unclear if this trend will roll over to the next few hours, though, as things may change very soon.
Monero Is On The Rise Once Again
Everyone who holds Monero as part of their cryptocurrency portfolio will be relieved to look at the charts right now. After a very rough day across the exchanges yesterday, it appears the price trend is slowly reversing. With a 4.51% gain over the past 24 hours, things are looking quite positive for Monero once again. It is unclear how long this trend will remain in place, though, as the altcoin market seems to be extremely volatile as of late.
That being said, Monero’s USD value has seen a nice increase over the past few hours. It is evident there is a growing demand for cryptocurrency enthusiasts to diversify their portfolio, even though some traders will go through the fiat currency market first and foremost. It is important for every altcoin to establish a position in the fiat currency market alongside the bitcoin trading pair. Relying just on bitcoin will only create more volatility, which is not the best course of action by any means.
Speaking of the USD trading market for Monero, it appears the volume is picking up once again. With close to US$800k worth of US Dollar changing hands in the past 24 hours, things look very promising once again. The Euro market continues to shrink a bit, though, which is not a positive development by any means. Then again, the volume might pick up once again in the coming days. It is impossible to tell how markets react, that much is certain.
On the bitcoin front, things are faring quite well for Monero as well. XMR Gained 3.53% in value compared to bitcoin, pushing the value to 0.01439 BTC once again. This is quite significant considering bitcoin’s value has not gone down by any means. For now, the altcoin market seems to hold its own, even though most currencies continue to rely on bitcoin for most of their trading volume.It is not impossible to see XMR gain a bit more value against bitcoin in the next few hours, although 0.015 seems to be the ceiling for the time being.
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.