Even though the early morning looked relatively promising for all cryptocurrencies, the positive momentum has not materialized yet. All top currencies are still in the red, with some of them taking a bigger loss than others. The Monero price faces a very steep setback compared to other altcoins, even though there is no real reason warranting such a development.
Monero Price Heads to $130 Again
With all cryptocurrencies suffering from a temporary setback, it remains to be seen how things will pan out in the near future. Until the value of Bitcoin goes in the green again, it seems highly unlikely any altcoin will see any real momentum. If the Monero price is any indication, the only way is down from here on out, which is not a positive development by any means.
Over the past 24 hours, the Monero price has suffered from a 4.45% setback. This is a rather big decline, especially when considering how no other altcoin has lost that much value in the same timespan. Because of this decline, the Monero price is on the verge of dropping below $130 again, although it is still $1.8 above that level. Additionally, it is possible the current price trend will reverse course fairly soon.
This Monero price decline is not just triggered by the Bitcoin price struggling for more positive momentum. Instead, there is a 4.26% decline in the XMR/BTC ratio, which will undoubtedly have a few speculators panicking at this stage. Most veterans know such a setback is only to be expected when dealing with a slightly bearish Bitcoin price, as it tends to affect altcoins in many different ways.
The overall cryptocurrency trading volume is still on the decline as of right now. Given the current time of day, that shouldn’t surprise too many people, albeit it is still a bit bothersome. For Monero, its trading volume has dropped well below $27.5m, which seemingly further confirms the interest in XMR is dwindling fairly quickly. It is another unfortunate side effect of the bearish Bitcoin price momentum.
Looking over the exchanges ranked by XMR trading volume, it is evident HitBTC is the go-to exchange. Given the company’s issues with customer withdrawals, that is not necessarily a positive outlook. Its BTC and USDT pairs are both in the top three, separated by Binance’s USD market. Poloniex adds another BTC pair to the list, followed by Bitfinex’s USD market.
Whether or not the Monero price will continue to decline, is a different matter altogether. It is possible this trend will usher in a new era of sideways and bearish trading for the coming months. Experts are still confident Bitcoin’s value will increase later this year. Assuming that will happen, the Monero price will undoubtedly see some positive momentum as well. For now, the uneasy situation will remain in place.