Monero Price Analysis – Stability Is Secured For Now
As we had expected, Monero has no issues retaining its value above the US$13 mark. Even though bitcoin’s price has been rising steadily over the past few days, Monero is not budging for change. Albeit there is a minimal loss on the charts, things continue to look very promising for this altcoin.
Monero Stays The Course, For Now
Once again, very little has changed for Monero over the course of the weekend. The price held its own with relative ease, and is currently sitting at US$13.34. The lowest point per XMR over the past 24 hours was US$13. 18, which is not all that bad either. Very little volatility is doing Monero a favor right now, albeit one never knows how things will evolve over the coming days.
Unfortunately for Monero, its USD trading volume remains absolutely abysmal for quite some time now. For some reason, Monero is incapable of gaining traction in the USD market directly, despite several prominent exchanges offering a direct fiat-to-cryptocurrency corridor. Then again, very few altcoins ever make a big impact on fiat currency markets these days.
Things are looking almost as stable in the XMR/BTC market as well right now. There have been very few price fluctuations, even though there was a small pump pushing Monero to 0.01322 Bitcoin earlier today. Things have dropped back to its normal level ever since, though. Right now, one XMR costs 0.01255 BTC, which seems to be a fair price for what the currency has to offer in its current state.
It is interesting to note HitBTC has leapfrogged Poloniex once again to become the largest XMR/BTC market for the time being. A bit of friendly competition can go a long way in bringing Monero to more people, even if that means having to rely on bitcoin to generate decent trading volume. For now, it appears Monero will carry on above the US$13 mark, albeit things can change at any moment.
Header image courtesy of Shutterstock
You want the latest news about Crypto? Sign up to our weekly Newsletter!