The past few days have been pretty interesting for most cryptocurrency markets. The usual suspects are trying to gain momentum, yet failing for the most part. The Monero price, on the other hand, has not been talked about much, yet its gains are more than respectable. Even these past 24 hours, the Monero price gained another 11.82% in value.
Monero Price is Pushing Hard
Similar to what we saw in other cryptocurrency markets, the start of 2018 was not kind to the Monero price whatsoever, In fact, the Monero price saw some of the biggest losses in the entire top 15, even though things are looking up once again. After a few weeks of sideways trading, the XMR value eventually started rising to $250 again, which seemed to be the new stable floor for quite some time to come.
Over the past week, things have been heading in the upward direction fro Monero. With solid gains on a daily basis, we are now looking at a Monero price of just over $350. Whether or not this latest uptrend can be sustained after the weekend, remains to be determined. There is no reason for the Monero price to go down in the next few days or weeks, but cryptocurrency markets are not known for their traditional trading behavior by any means.
To some Monero community members, this latest development tastes sweet for another reason. Monero has also overtaken Dash in terms of market cap and left it in the dust as of right now. For a lot of XMR supporters, it was considered “injustice” as to how Dash would be more valuable than XMR despite its optional privacy and developers controlling network-wide features. As such, the current Monero price trend is all the more important to those long-term holders.
Even though the current Monero price trend is rather significant, the overall trading volume doesn’t reflect it that much. With $225.77m in 24-hour volume, Monero is not doing all that bad. However, it is still one of the lower liquidity markets all across the board, as it has been for quite some time now. So far, that hasn’t been much of a problem for XMR’s growth, but it is evident more exchanges would be more than welcome at this point.
Speaking of exchanges, the majority of XMR trading volume originates from South Korea’s Bithumb platform. Its lead over Bitfinex is not all that big, though, and Binance’s XMR/BTC pair is also on the heels of Bitfinex. With two fiat currency pairs in the top three, the current trend looks sustainable. There are two more fiat currency pairs in the top 10, as Kraken’s USD and EUR markets generate a combined volume of $14.3m.
Whether or not this Monero price trend is sustainable in the long run, remains to be determined. The current value of XMR is still lower than most people would like it to be. At the same time, most of the Monero price gains usually do not last all that long, for some unknown reason. It will be an intriguing market to keep an eye on over the weekend, as crazy things tend to happen on Saturday and Sunday.