With the weekend behind us, the time has come to look back toward the cryptocurrency markets once again. It looks like some interesting changes are taking place, especially where Monero is concerned. Although it appeared that price momentum would grind to a halt over the weekend, the Monero train has picked up steam once again. Reaching that US$150 mark is still a distinct possibility, although it will take some effort.
Monero Price Train Just Keeps on Rolling
It is quite amazing to see how much the Monero price has appreciated over these past few days. For some reason, this currency has been flying under the radar for the longest time. Many people disregarded XMR as a viable currency, even though it has the anonymity traits so many are looking for right now. While it is certainly true Monero isn’t as convenient or easy to spend as Bitcoin – which itself is very limited in this regard – things are certainly improving for the XMR ecosystem as we speak.
Moreover, it seems a lot of people are taking a liking to Monero as we speak. If that weren’t the case, there would be no price jump like the one we are seeing right now. Pushing the Monero price to US$150 and possibly beyond is certainly a product of market manipulation and massive speculation. Then again, we have seen Dash go from nearly no value to around US$400 this year as well. There is no reason to think Monero couldn’t see a similar price pattern, as the current trend certainly looks pretty bullish.
One thing that will certainly help move the Monero price along is its being listed on Korea’s Bithumb exchange. It has been mentioned here previously how this exchange is known for shaking up cryptocurrency markets quite a bit. In an email sent to customers earlier today, the company mentioned how XMR trading will be going live on August 31st. However, the market itself is already open for action and it appears Monero has been getting a lot of volume already. Right now, the market values one XMR at US$170, compared to around US$150 across Western exchanges.
It is important to note there no longer appears to be a “premium price” difference between Western exchanges and Bithumb. In the past, we saw most Asian exchanges trading 5% or more above overall market averages. That is no longer the case, and Bithumb is an exchange which operates on a zero-trading fee structure. If it values XMR at $170, the rest of the world will potentially have to follow their lead one way or the other.
Having this fiat currency gateway for Monero will certainly open up new opportunities. The Korean won is quickly becoming the go-to fiat currency market when it comes to cryptocurrency trading. It can easily dwarf USD, EUR, and GBP volumes combined, even on a bad day. It is evident to everyone that South Korea has become the new China when it comes to dictating cryptocurrency prices right now. Bithumb is certainly one of the leaders in this market, although Coinone shouldn’t be discounted either.
All things considered, there are plenty of reasons to get excited about Monero. It is a great day for speculators and market makers once again. A lot of people still have high hopes for a massive Ethereum price jump, but it looks like the market is pretty much divided on this front. Then again, Ethereum has seen its biggest price jump to date already and it remains doubtful history will repeat itself for this particular currency. The altcoin season is in full effect as we speak; that much no one can deny.