Another day of XMR trading is in the books and it appears Monero is struggling to maintain its market position for the time being. With significant losses in both USD and BTC trading markets, things are not looking all that promising for XMR holders right now. Then again, things may turn around at any given moment, assuming Monero can find a new stable support level in the coming hours.
Monero Continues To Dip Towards US$19
It is somewhat surprising to see Monero’s value dip quite a bit over the past 24 hours. While it is true bitcoin’s value has been rocketing upward once again, altcoins seemingly go up and down in value regardless of what the world’s leading cryptocurrency does. That trend has now been broken ever since bitcoin surpassed the US$1,170 mark, as a lot of investors are looking to convert altcoins back to bitcoin.
That being said, the dip for Monero is not as steep as one would expect. While XMR lost 3.87% in value in the US Dollar market overnight, the price per coin still hovers around the US$19.4 mark. That is the one upside to bitcoin gaining value, as it keeps fiat currency valuations of altcoins remarkably stable these days.
It is interesting to note how the fiat currency trading volume for Monero has been increasing over the past few hours. With over US$1m and 325,000 EUR in trading volume , the XMR markets are teeming with traders. However, it is unclear if this increased volume means more people are buying XMR with US Dollars or Euros right now. The value of XMR has remained stable in both markets, although it is doubtful that will remain the case once the XMR/BTC market crumbles.
Speaking of the XMR/BTC market, things are looking very dire right now. The trading pair lost 8.12% in value over the past 24 hours, and more losses are to be expected in the coming hours. Assuming Monero can find a stable level of support in the next 4 hours, things may start to trend upward again. For now, Monero holders are advised to just hold their coins and watch things unfold. There is no reason to panic just yet, although things look a lot worse compared to a few days ago.
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.