With the day almost coming to a close, it would appear there may be some positive short-term momentum for all cryptocurrencies. A few coins have gone in the green, whereas the others have recovered from the most recent setback. The Monero price continues to impress, as it has gained another 2.47%.
Monero Price Hold its own Quite Well
Monero has always been one of those “oddball” cryptocurrencies when compared to other top coins. Not because it doesn’t have any potential, but rather because it is so often overlooked, for some unknown reason. The recent ban by Japanese exchanges against Monero and similar coins isn’t helping matters much either.
Despite these drawbacks, the Monero price isn’t suffering all that much. While it is a lot lower compared to all other cryptocurrencies it has also shown some positive signs where other coins have failed to do so. For the Monero price, a current value of just over $127 isn’t terrible, although a long way removed from $450 and more.
With this most recent 2.48% Monero price increase, it will be interesting to see how things evolve. There is also a rather strong uptick in the XMR/BTC ratio, as it has improved by 3.46% in favor of the anonymous altcoin. This further confirms cryptocurrency traders and speculators are looking to diversify Bitcoin holdings, and Monero appears to attract a fair bit of attention in this regard.
Even so, the 24-hour trading volume is still far from impressive at this stage. That is not entirely surprising as far as Monero is concerned, as this altcoin has always seen some of the lowest trading volume of any top 15 currency. That situation hasn’t improved over the years, and it appears 2018 won’t bring any relief in this regard either.
Similar to a few days ago, HitBTC remains the biggest exchange for XMR trading. Its BTC and USDT pairs are both in the top three, which has become the new normal. Binance completes the top three with its BTC market. Bitfinex’s USD and Poloniex’s BTC pairs finalize the top five, which is pretty interesting, all things considered. Monero needs an influx of fresh capital, just like all other cryptocurrencies do.
Whether or not the Monero price will remain in the green for much longer, remains to be determined. Cryptocurrencies are increasingly volatile and that situation will always remain problematic first and foremost. Maintaining $127 will be a big challenge, even for this relatively appealing altcoin. Even so, it is a welcome sight to see some green in 2018.