Monero, the privacy focused cryptocurrency has been one of the most controversial names when it comes to the cryptocurrency markets. Despite the controversies, Monero has been a popular name in the markets – and has found a permanent home among the top 20 cryptocurrencies.
Currently the 13th largest cryptocurrency by market capitalization, Monero was going through a major period of uncertainty after the fork. However, it all appears to have died down as the currency is back on a regular course of action. Monero has a close-knit community of supporters who continue to pump resources and funds into the currency despite the negative hype. Let us take a closer look at Monero’s performance over the past 24 hours, the past week as well as where it is heading next.
Over the past 24 hours, Monero has fallen by 4.25% as the currency started off the day’s trade at a price of $244.58 and closed the day at $234. The market cap of Monero fell from $3.9 Billion to $3.74 Billion – losing $260 Million over the day’s trade.
A week-long look at Monero’s price performance shows that the currency has gone through a number of ups and downs and has closed the week weaker than how it began. Monero started off the week at a price of $250 and peaked at $258 – more fluctuations saw the currency ultimately ending the week at a low of $234. The market cap of Monero went from $4 Billion to $3.74 Billion over the week.
An immediate target for Monero investors would be that of $250. However, in the long-run, the currency is expected to cross the $300 and even $350 marks over the month. $350 would bring Monero back to the same price levels that it was on before the markets collapsed. Despite the recent setbacks, there’s optimism in the Monero camp as the currency looks forward to gaining lost momentum over the next couple of weeks.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.