A lot of people were caught by surprise when the Monero price suddenly started showing a lot of movement recently. That shouldn’t have really come as a shock, as Monero has had a solid development team and has been undervalued for quite some time now. It seems yesterday’s trend remains in full effect today, as people are seemingly quite bullish on XMR at the moment. That is only to be expected given the altcoin’s upcoming listing on Korea’s Bithumb exchange. Maintaining Monero’s momentum will still be a challenge, for obvious reasons.
Monero’s Price Keeps Going Up
It is always good to see cryptocurrencies which gain value one day maintaining their momentum over the coming days. Far too often do we see clear pump-and-dump schemes which contribute absolutely nothing to the ecosystem whatsoever. No one can deny Monero is anything but a pump-and-dump coin, as it is one of the more solid projects in all of cryptocurrency right now. Its developers are working hard to provide the best anonymity features to XMR holders at any given time.
It appears the markets are seeing an upward trend due to the impending listing of XMR on the Korean Bithumb exchange. While it is certainly true every currency listed on this exchange has seen its price increase over time, not all of those trends have proven to be long-term changes. Exposing XMR to Korean traders creates a new fiat currency gateway with the won, which could be quite significant in the long run for Monero.
Whether or not the Bithumb listing will do XMR any favors remains to be seen, however. It is true the exchange has no trading fees whatsoever, which could prove to be quite beneficial. Do keep in mind that while the exchange will open deposits tomorrow, the actual trading of XMR will not commence until the 26th of August. More XMR on this particular exchange means less liquidity issues to deal with on other platforms. It is possible this will prevent the XMR price from going up by too much, but only time will tell what the outcome is over the coming days and weeks.
Right now, one XMR is valued at US$91.10, which is a 9.39% increase compared to 24 hours ago. One should keep in mind that major price jumps will often result in equally large corrections and possibly even lower prices in the long run. And while interesting things are on the horizon for Monero in the development department, none of these changes will happen over the coming days or weeks. That doesn’t mean now would be a bad time to stock up on some XMR if you really believe in the project, though. This currency will not be going away anytime soon; that much is evident.
Until Bithumb enables XMR trading, most of the trading volume originates from the Poloniex exchange. Bittrex is in second place, whereas Bitfinex completes the top 3. It is worth noting that Bitfinex is the first exchange on the list connected to a fiat currency-related XMR trading pair. It seems traders primarily exchange Bitcoin for XMR and vice versa right now, which is only to be expected. Monero has never been the most popular market when it comes to fiat currency trading, and it looks like that will not change until Bithumb effectively opens the market.
All things considered, it is evident people shouldn’t be overly focused on the price of Monero right now. While it is true the market cap is growing – and successfully overtook Ethereum Classic in the process – the main focus for Monero has always been on the technology. With solid developments in place, the Monero price should appreciate automatically over time. This is not a get-rich-quick scheme by any means, even though speculators will try to take advantage of this situation in the future.