Most altcoins have started to recover some of their recently lost value over the past 24 hours. Although most of the gains have been rather small, Monero has successfully bucked the trend. Thanks to a gain of US$12.38 over the past 24 hours, things are looking pretty solid for the Monero price. This increase is mainly driven by increased trading volume due to some recent technical developments.
Monero Price Jump was to be Expected
The year 2017 has been pretty good for the Monero price. With the value surpassing US$140 not too long ago, people knew there would be a massive correction before things stabilized. Ever since reaching this new all-time high, we have seen the Monero price come back down to earth, effectively stabilizing just above US$85 for an extended period of time. This sudden bearishness was only to be expected.
More specifically, this downtrend was only partially caused by profit-taking. Not too long after the Monero price hit its all-time high, the Bitcoin price started its uptrend. Right now, the latter’s bulls are stalling a bit, although most people expect Bitcoin to hit at least US$8,000 before the year is over. The upcoming SegWit2x fork will certainly shake things up quite a bit in this regard.
For Monero, things have been stuck in sideways trading motion for several weeks now. Slowly but surely, the Monero price has been losing ground compared to Bitcoin itself, while XMR’s value against the dollar has remained the same. It seems things are slowly reversing, although this uptrend is not permanent by any means. Just because the trading volume surpassed US$125 million for one day doesn’t mean the trend will continue for several days, let alone weeks or months.
Speaking of Monero’s trading volume, this US$125.7 million in 24-hour volume is pretty interesting. It is still well below the volume that altcoins in the top 10 should be generating right now, but given Bitcoin’s bull run, that is not entirely surprising whatsoever. Most of the volume has been coming from Bithumb, although its US$49.2 million is far less than what this exchange has generated for other currencies such as Bitcoin, Ethereum Classic, and Bitcoin Cash. This seems to indicate that this is not an actual “pump” per se, although opinions may be divided on that front.
Unlike some other currencies, the Monero price may currently be responding to recent technological developments. With multisignature support finally in the testing phase, things may get very interesting for Monero in the near future. It will take weeks, if not months, until we see this functionality become a part of the overall ecosystem, though. Still, it is a pretty big deal for Monero as a whole, especially in regards to future darknet marketplace adoption.
No one knows what the future holds for the Monero price. It is certainly possible this small uptrend will be negated in the days to come. At the same time, Monero is a currency which doesn’t need any major pumps to solidify its position in the cryptocurrency industry. The developments and technology speak for themselves, and there are some interesting things still on the horizon as we speak. It’s an interesting currency to keep an eye on, although everyone should always do their own research in this regard.