It has been a pretty interesting weekend for most cryptocurrencies. Although Bitcoin is still struggling, other currencies are recording new highs. The Monero price, for example, has set a new all-time high of US$475. It’s a very interesting development, especially when considering this cryptocurrency doesn’t necessarily have the appeal of other currencies which are surging in value these days.
Monero Price Surpasses $475
It doesn’t happen all that often that the Monero price gets people excited these days. Unlike most currencies comprising the top 20 ranked by market cap, Monero doesn’t see major pump-and-dump cycles. This is a good thing for people investing in this currency for the long term. Speculators, on the other hand, don’t like Monero all that much, mainly because it doesn’t have a tendency of going up in value in 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 jumped from US$418 all the way to US$496 on CoinMarketCap.com. Things have calmed down a bit since, although the price is still holding steady around US$475 for the time being.
It is important to note that just because CoinMarketCap.com lists the Monero price as US$475, that doesn’t mean all exchanges are trading it at close to this value. The price is largely being pushed up thanks to Bithumb, where it is trading at nearly US$600 right now. In the Western world, the Monero price is hovering near US$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 be trading Monero at US$597 anytime soon, by the look of things.
Monero’s 24-hour trading volume of US$302 million is well below that of most other altcoins. At the same time, a lack of volatility has always resulted in a lower trading volume for XMR. Though the currency is not too difficult to obtain, people have to jump through hoops in order to buy Monero in a lot of countries. Trading it against Bitcoin is far more popular than fiat currency gateways, with the exception of South Korea’s Bithumb exchange.
Speaking of Bithumb, this exchange is currently generating 32% of all Monero trades. It is well ahead of HitBTC and Bitfinex in this regard. There are three fiat currency markets among Monero’s top 10, which indicates that most of the trading is being done by people exchanging Bitcoin for altcoins again. At the same time, there is some fresh capital entering the market, which can only be considered a good thing.
It is unclear what the future holds for the Monero price. There are quite a few exciting developments to look forward to, although none of them have official release dates. The year 2018 could end up being quite satisfying for holders of Monero. Even though XMR had very few spectacular gains in 2017, the currency still appreciated by $1,300% when everything was said and done.