Most cryptocurrencies remain in an awkward state as of right now. With the Bitcoin price still in the red, it is rather unlikely most altcoins will see any real improvements. In the case of the Monero price, however, there are a lot of improvements over the past 24 hours. A surprising turn of events, albeit one that shows cryptocurrency is about so much more than just Bitcoin and Ethereum.
Monero Price Rise is Surprising
A lot of cryptocurrency users are surprised to learn the Monero price is effectively on the rise as of right now. In fact, it seems rather unlikely to see this particular altcoin note any gain during a time when Bitcoin is losing value. At the same time, some of the other altcoins are showing similar signs of bullish momentum, which may result in some interesting changes over the coming weekend.
Over the past 24 hours, the Monero price has risen to $108.8 once again. That is a much lower value compared to a few months ago. At the same time, it is evident The cryptocurrency markets are still a long way removed from setting new all-time highs, and the Monero price is no exception in this regard. This is still a 7.74% increase, which comes at a most opportune time for this particular altcoin.
At the same time, there is a notable increase in the XMR/BC ratio in the same time period. With another 7.38% increase in this department, things look rather promising for the Monero price as of right now. Even so, it remains to be seen how long all of these gains can be sustained. That will heavily depend on what happens to Bitcoin over the coming days.
Even though the overall cryptocurrency trading volume has not improved by much, the momentum may turn in favor of Bitcoin and altcoins once again. With $13.23bn in volume, the market looks slightly more healthy compare dot yesterday despite most of the top markets remaining in the red. For Monero, its volume has surpassed $40m again, even though it remains one of the least liquid markets in all of cryptocurrency.
HitBTC is leading the pack in terms of XMR trading volume over the past 24 hours with its BTC trading pair. Binance’s BTC market is slightly behind, followed by KRW and USD pairs offered by Bithumb and Bitfinex respectively. HitBTC completes the top five with its USDT market. Two fiat currency pairs in the top five is rather surprising for Monero, although it shows there is more positive momentum looming on the horizon.
How this market, as well as all other cryptocurrencies will evolve exactly, is always difficult to predict. Anything can happen in the cryptocurrency industry, and the Monero price usually doesn’t stay in the green for very long. As such, it will be interesting to see what happens over the weekend, as that may dictate the pace for the coming weeks. There appears to be some positive momentum looming on the horizon, although nothing has bee n set in stone just yet.
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