Considering how all cryptocurrencies are struggling right now, it is pretty interesting to see that Monero is actually in the green. Indeed, it is the only major cryptocurrency with an established reputation in the industry to have noted any gains at the time of writing. IOTA is also in the green right now, but it is still on the brink of dropping out of the top 10. Monero is very much on traders’ radars right now, thanks to a 6.19% gain over the past 24 hours.
Monero Price Shows Strong Resilience
As is to be expected these days, all cryptocurrencies are somewhat struggling as we speak. Conflicting reports coming out of China indicate there is a lot of fear in the markets, which eventually drives prices down as a result. The Bitcoin price has gone into the red for another day, which generally drags all other cryptocurrencies down with it. So far, the latter point has not materialized as we have come to expect, as Monero is bucking the downward trend with everything it’s got right now.
While some people may claim Monero is the Bitcoin we have never gotten to experience to date, it remains to be seen if that is the case. More specifically, Bitcoin has quickly become the world’s leading cryptocurrencies despite some lacking features in terms of privacy and anonymity. Monero, on the other hand, offers privacy and anonymity in abundance. In fact, this may be the only cryptocurrency in existence not traceable by blockchain analysis firms, according to BlockSci.
Regardless of how people feel about Monero and its potential, no one can deny the price is going up during these troubling times. This has nothing to do with hype or speculation, mind you, but rather is a direct result of the developers introducing valuable changes requested by the community. The next hard fork will go into effect tomorrow, and the recent Helium Hydra release prepares all users for the coming changes to the Monero protocol.
Additionally, there are more changes on the horizon. Support for proper mobile wallets is definitely one big selling point for XMR right now, as the community has been looking for such solutions for some time now. Moreover, Ledger is apparently working on Monero integration, which will finally provide hardware support for this privacy and anonymity-centric cryptocurrency. All of these changes will bring a more positive outlook to Monero in the future as well.
It appears the current price increase has been driven by slightly higher trading volume across exchanges. As most people are well aware, Monero never has had a high amount of trading volume whatsoever, but it still does well on its own. Over the past 24 hours, we have seen over US$132 million in trading volume for XMR, which is a pretty solid number. Bithumb is the main driver of trading volume right now, followed by Poloniex and Bittrex. Ever since Monero was added to Bithumb, its trading volume has picked up a little bit.
For the time being, it remains to be seen how things will evolve for the Monero price. Right now, one XMR is valued at US$113.42, which is nothing spectacular whatsoever. However, in the current market conditions, the 6.19% gain is significant. Whether or not we will see a new all-time high for the Monero price in the near future remains to be determined. Things are finally falling into place for Monero; that much is certain.