It has been a pretty interesting weekend for most cryptocurrencies. Although Bitcoin is still struggling as we speak, other currencies are recording new highs. The Monero price, for example, reached a new all-time high in US Dollar value of $475. A very interesting development, especially when considering how this currency doesn’t necessarily have the appeal of other currencies which surge in value these days.
Monero Price Surpasses $475
It doesn’t happen all that often the gets people excited these days. Unlike most currencies which are in the top 20 ranked by market cap, Monero doesn’t get major pump-and-dump cycles. This is a good thing for people investing in this current for the long term. Speculators, on the other hand, don’t like Monero all that much, mainly because it doesn’t have a tendency to go up in value in any spectacular fashion.
Over the past 24 hours, however, we have seen a pretty solid Monero price increase. As is always the case, maintaining this momentum will be difficult for this currency, as traders are mainly focused on get-rich-quick schemes right now. Despite the odds, the Monero price on Coinmarketcap jumped from $418 all the way to $496. Things have calmed down a bit ever since, although the price is still holding steady around $475 for the time being.
It is important to take this price into consideration. Just because Coinmarketcap notes the Monero price at $475 doesn’t mean all exchange trade close to this value. The price is mainly pushed up thanks to Bithumb trading at nearly $600 right now. In the Western world, the Monero price hovers close to $415. It is still a solid gain all over the world, though, but it’s important to put things into perspective every now and then. It is highly unlikely the West will trade Monero at $597 anytime soon, by the look of things.
With $302m in 24-hour , Monero is performing well below most other altcoins in this regard. At the same time, the lack of price volatility has always resulted in lower trading volume for XMR. It is not too difficult to obtain, yet people have to jump through hoops to buy Monero in a lot of countries. Trading it against Bitcoin is by far more popular than fiat currency gateways, with the exception of South Korea’s Bithumb exchange.
Speaking of Bithumb, this exchange currently generates 32% of all Monero trades. They are well ahead of HitBTC and Bitfinex in this regard. There are three fiat currency markets in the top 10, which indicates most of the trading comes from people diversifying Bitcoin into altcoins again. At the same time, there is some fresh capital entering the market, which can only be considered to be a good thing. Finding a balance between these two “markets’ is not easy, not even for Bitcoin.
It is unclear what the future holds for the Monero price. There are quite a few exciting to look forward to, although none of them have any official release date. The year 2018 could end up being quite productive for the Monero price. Even though XMR had very few spectacular gains in 2017, the currency still gained over $1,300% in value when everything was said and done. Whether or not 2018 will bring more of the same, has yet to be determined.