It is not a fun day to be a cryptocurrency holder, but we have to take the good with the bad at all times. Every single major market is in the direct right now, and things will not improve today, by the look of things. Even though the NEM price is an exception, it seems that is the only top currency with a positive trend. The Monero price, for example, is the biggest “loser” in the top 15.
ERASING THE MONERO PRICE GAINS
Even though it almost seemed as if Monero would become an unstoppable force in the world of cryptocurrency, the momentum has turned against this altcoin. With the Monero price sustaining the biggest losses over the past 24 hours, it has once again become evident how reliant XMR is on the Bitcoin value. This has been a problem for some time now, and it seems the situation is not improving in the slightest.
More specifically, the Monero price has decreased by as much as 11.83% over the past 24 hours. That is a lot higher compared to Bitcoin, Ethereum, or all other top currencies right now. It is a bit unclear where this bigger decline is coming from, although the Monero price had gained the most value last week. It seems most of those gains have been erased in quick succession, which is never a good sign.
What is also worrisome is how the Monero price is losing the battle in the XMR/BTC department. Thanks to a 6.55% decline, the Bitcoin price drop is only compounded when looking at the Monero price. This trend is not new for Monero, though, as it has been one of the more volatile currencies when the going gets very tough for Bitcoin. It seems history will continue to repeat itself for some time to come in this regard.
With $123.54m in 24-hour trading volume, things look as one would expect for Monero. It is not the most liquid cryptocurrency, mainly due to limited fiat currency market choices. At the same time, the low trading volume has never been much of a problem for Monroe, which will undoubtedly see its value go up soon enough. Hitting that $480 all-time high of a few months ago will prove to be rather difficult, though.
As of right now, Bitfinex is the biggest trading platform for Monero followed by Bithumb and HitBTC. This does mean we have two fiat currency pairs in the top three for XMR, which allows for fresh capital to enter the market. Unfortunately, the sellers vastly outweigh the buyers as of right now, and it will take some time until this trend corrects itself. For the time being, things are not looking abysmal, but not all that great either by any means.
It is a bit unclear what the future will hold for the Monero price as of right now. This volatile up-and-down trend is not entirely surprising at this point in time, but it is never fun to watch cryptocurrencies fluctuate so much. Once all markets recover – which will not be me this week, by the look of things – we may see some interesting Monero price movements. For now, the wild ride will continue, and a further dip to $275 is not unlikely.