Cryptocurrency speculators are keeping a close eye on the Monero price right now. It is evident this particular currency has caught a lot of people’s attention thanks to this sharp price rise earlier in the week. Now that Bithumb deposits have opened up, a lot of people expect even bigger XMR gains. So far, the value of Monero has gone up by 14.4% in the past 24 hours, but there is still a ton of work to be done before we can speak of any major gains. Monero Price Attempts to Surpass $100 Again Earlier this week, a lot of
Cryptocurrency speculators are keeping a close eye on the Monero price right now. It is evident this particular currency has caught a lot of people’s attention thanks to this sharp price rise earlier in the week. Now that Bithumb deposits have opened up, a lot of people expect even bigger XMR gains. So far, the value of Monero has gone up by 14.4% in the past 24 hours, but there is still a ton of work to be done before we can speak of any major gains.
Monero Price Attempts to Surpass $100 Again
Earlier this week, a lot of people were pleasantly surprised to see the Monero price surpass $100, even though that momentum didn’t last all that long. After a few days of consolidation in the $90 to $95 range, it seems the currency is preparing for the next leg up. Unfortunately, it appears this new bull run is mainly fueled by the hype over Monero getting listed on the Korean Bithumb exchange. More specifically, users can already deposit XMR on the platform, but the trading itself will not go live until 24-48 hours from now, depending on your time zone.
Many speculators have high hopes for what Bithumb can do for the XMR price, that much is evident. It is certainly true the speculation of XMR getting added to this exchange has already sent the price upward over the past few days. More specifically, when the announcement regarding Bithumb was made, Monero went from 0.0113 BTC to 0.022 BTC in pretty quick succession. Interestingly enough, it hasn’t dropped from that level ever since. That is not entirely strange either, as its trading volume has tapered off quite a bit. Perhaps people are effectively moving XMR to Bithumb.
Still, it is pretty interesting to note a 14.4% gain over the past 24 hours for Monero. Keeping in mind how the currently only has $92m in trading volume to achieve this goal, one starts to wonder what can happen if that trading volume would come close to $1bn or more. No one doubts there is a legitimate opportunity to see one XMR hit the $200 value in the coming days, but it is equally possible the Bithumb listing has been factored into the current price already. Only time will tell how things play out.
At the price of $97.86, many people will argue Monero is still undervalued. There is a lot of merit to that statement, considering there are under 15 million XMR in circulation. Additionally, one can effectively spend Monero at every merchant or retailer who also accepts Bitcoin payments these days. The number of use cases for XMR has slowly started to grow, which indicates the project will not go away anytime soon. Unfortunately, a lot of people are losing track of the long-term value of Monero and look for short-term profits more than anything else right now.
The majority of XMR trading volume comes from the Poloniex exchange, followed closely by Bittrex and Bitfinex. Especially this latter exchange can be quite important for Monero, as it is the first time w we see a major fiat currency trading market in the top 3 for XMR. This seemingly indicates some people diversifying their cryptocurrency portfolio. It never hurts to hold some Monero alongside other coins, as no one really knows what the true value of XMR should be right now. Moreover, the Bitfinex XMR/BTC market is almost six times as popular as its nearest competitor, which is HitBTC. Kraken is also in the top 10 with their XMR/USD and XMR/EUR trading markets.
It is important to keep in mind Bithumb trading may do absolutely nothing for the Monero price in the coming days. It is equally possible we will see a major pump which can’t be sustained for long. The next two to three days will be quite interesting as far as XMR is concerned, that much is evident. Traders and speculators need to very careful as to not getting swept up in fake hype and promotions. Anything can happen in cryptocurrency, and money is often lost a lot quicker than it is made. Monero certainly has a ton of potential and getting listed on an exchange is nothing new.
