Things are starting to look up for Monero once again, even though no one is certain how long this positive trend will last. Over the past 24 hours, XMR managed to maintain its value over US$12, although there are some minor price swings traders can take advantage of. As bitcoin seems to be flattening out on the charts, Monero is trying to take things to the next level.
Monero Looks To Be Stabilizing
It is good to see Monero being somewhat stable for the time being. Volatility creates market trading opportunities, yet it also makes it very difficult for any currency to establish itself on the market. For Monero, the volatility is still present, albeit things remain above the US$12 level for the time being. That is positive news for everyone holding XMR right now, although it remains to be seen how long this trend continues.
There is still some reason for concern, though, as Monero is nearly entirely reliant on the bitcoin market right now. Trading volume on the USD side of things continues to taper off, albeit that is not entirely unexpected during the weekend. Even bitcoin sees slightly less trading volume on Saturdays and Sundays, which is not necessarily something to worry about.
With the XMR value fluctuating between US$1215 and US$12.50 over the past few hours, it is not hard to see traders start to appreciate what Monero has to offer. Most of the USD trading still takes place on Poloniex, albeit Kraken is showing a higher price for the time being. It will be interesting to see if these exchanges see any significant changes in the coming days. So far, these exchanges only represent 2.07% of all XMR trades, though.
With bitcoin remaining the most active market for Monero, the price seems to be heading in the right direction for now. Albeit XMR dipped below 0.012 BTC earlier today, the currency also hit a high of 0.013 in the past 24 hours. These are still signs of market volatility, albeit the momentum favors Monero right now. Additional minor price swings can be expected in the coming days, although it is doubtful XMR will dip below 0.015 BTC anytime soon.
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