When the going gets tough in the cryptocurrency world, things will only grow worse fairly quickly. All of the top 10 cryptocurrencies continue to get battered at this time, and it seems there will be no relief to speak of. Further down the line, we see the Monero price on the verge of slipping below $150 in the coming hours.
Monero Price Woes Are Never Fun
As is the case for all cryptocurrencies these days, the going has gotten very tough for some unknown reason. At times, it appears as if the whole world has cooled off on Bitcoin trading, which also doesn’t bode well for all other alternative currencies. Considering how the Monero price has been on a very sharp decline throughout 2018, it remains to be seen how low this value can go.
To put this into perspective, the Monero price hovered near $230 just one month ago. Ever since that time, there has been a very noticeable downtrend in both USD and BTC value. Fast forward to today, and the Monero price has dropped to $158. It seems to be a matter of time until the value drops below $150. That in itself isn’t a positive development for this currency by any means. Even so, this trend is not entirely surprising, as all other markets suffer from quite similar momentum right now.
Over the past 24 hours, the Monero price has declined by another 5.78%. Additionally, there is a 4.09% decrease in the XMR/BC ratio, which will not help this altcoin gain any traction. It is evident Monero direly needs positive Bitcoin price momentum prior to noting any gains of its own. That is not a development to look forward to, as it seems the Bitcoin price will continue to get battered for some time to come.
As is the case across all cryptocurrencies these days, the Monero trading volume is borderline abysmal. This anonymity-oriented cryptocurrency has never been an overly liquid market, and that situation will not change anytime soon either. With just $37.41m in 24-hour trades, there is virtually no demand for Monero to speak of, and that particular number may not increase in the coming days either.
To compound these issues even further, HitBTC has become the leading Monero exchange ranked by trading volume. Its BTC and USDT pair are in first and third place, separated by Binance’s BTC pair. Poloniex has dropped to fourth place, and Bitfinex is fifth. No other platforms generate over $1m worth of XMR volume in the past 24 hours, further confirming this market will not see any major action except for further downward pressure.
With the weekend almost upon us, it seems evident the Monero price will continue to decline for the foreseeable future. Although the changes may be minimal, for the time being, it seems reaching $150 and potentially dropped lower may happen as soon as this weekend. For Monero price watchers, now may not be the best of times to scoop up XMR, although cryptocurrency markets never evolve in a direction people would expect.