There have been some major Monero price movements over the past 12-16 hours. As mentioned yesterday, it appeared the XMR price was heading toward US$100, but it eventually surpassed that mark by quite a margin. Right now, one XMR is valued at US$124.69, indicating there has been another 26.88% price increase in the past 24 hours. This has nothing to do with the Bithumb exchange necessarily, as its Monero trading market still hasn’t opened at this point.
Monero Price Broke $125 Earlier Today
It has been quite the wild ride for Monero holders over the past week. After a sudden price jump across the exchanges earlier this week, a lot of people were confused as to what was going on. With a second price jump taking place last night, the confusion is only growing. It seems this is about more than mere price speculation related to the upcoming XMR listing on the South Korean Bithumb exchange. Do keep in mind the expectations are high for this market right now, yet things could head in either direction at this point.
To put this into perspective, Monero only has US$160 million worth of 24-hour trading volume. Most of this volume is a result of the recent price spike and not a contributing factor, mind you. Earlier this morning, XMR hit 0.0295 BTC on Poloniex at a time during which the market’s total trading volume was still below US$100 million. It is evident a lot of people have developed a case of FOMO and wish to board the train before it comes crashing down. That is assuming the Monero price will correct itself, which may not necessarily happen anytime soon.
If there is one valid lesson in all of cryptocurrency, it is that investors should never buy at the top whatsoever. Although the Monero price seemingly has no top right now, it is evident there will be a lot of resistance on the charts moving forward. Then again, there are fewer XMR in circulation compared to bitcoins, which could yield some interesting results over time. The market cap of Monero is also growing quickly and is well positioned to surpass the US$2 billion mark in the coming hours or days if this trend keeps up. All of this is occurring with a rather low trading volume, mind you, which is pretty significant.
One area that could be quite disconcerting is that nearly half of all Monero trading volume comes from the Poloniex exchange. Bittrex and Bitfinex still complete the top three, just like they did yesterday. Unfortunately, the Monero price momentum seemingly relies heavily on how Bitcoin is doing. Although the Bitcoin price isn’t doing bad by any means, a major correction could send all other altcoins spiraling downward. It is unclear what the future price direction will be for XMR, but rest assured there is a lot of excitement right now, for obvious reasons.
Considering that the Korean Bithumb exchange could easily double or triple this trading volume when the market opens, a lot of interesting things are bound to happen for Monero. The chart could turn even greener or go deep red in the coming days; no one knows for sure right now. It is equally possible that Monero would become more valuable than Dash in the coming weeks, which would be a very spectacular development, to say the least. Right now, all anyone can do is speculate and hope for the best. People who sold their XMR before this price surge will be quite disappointed with themselves, but such is the life of a cryptocurrency trader these days.
All things considered, the Monero price increase is well overdue at this point. For the longest time, this currency hovered around the US$20 mark until it finally moved up to US$35 earlier this year. This sudden growth will eventually come at a price, but for now, it is unclear how high the value can go. Caution is advised before getting swept up in all of this momentum, though. There is room for major profits, but also for even bigger losses, depending on the time of one’s purchase and future expectations. Monero is certainly stealing the show right now, so to speak.