There have been some major Monero price movements over the past 12-16 hours. As mentioned yesterday, it appeared the XMR price was heading toward the $100 mark, but it eventually surpassed that by quite a margin. Right now, one XMR is valued at $124.69, indicating there has been another 26.88% price increase in the past 24 hours. This has nothing to do with the Bithumb exchange necessarily, as their Monero trading market still hasn’t opened at this point.
Monero Price Broke $125 Earlier Today
It has been quite the wild ride for Monero holders over the past week. After a sudden price jump across the exchanges earlier this week, a lot of people were confused as to what was going on. With a second price jump taking place last night, the confusion is only growing. It seems this is about a more than just mere price speculation related to the upcoming XMR listing on the South Korean Bithumb exchange. Do keep in mind the expectations are high for this market right now, yet things can head in either direction at this point.
To put this into perspective, Monero only has $160m worth of 24-hour trading volume. Most of this volume is a result of the recent price spike and not a contributing factor, mind you. Earlier this morning XMR hit 0.0295 BTC on Poloniex, at a time during which the market’s total trading volume was still below $100m. It is evident a lot of people showing increasing signs of FOMO and want to board this train before it all comes crashing down. That is, assuming the Monero price will correct itself, which may not necessarily happen anytime soon.
If there is one valid lesson in all of cryptocurrency, it is how investors should never buy at the top whatsoever. Although the Monero price seemingly has no top right now, it is evident there will be a lot of resistance on the charts moving forward. Then again, there are fewer XMR in circulation compared to bitcoins, which could yield some interesting results over time. The market cap of Monero is also growing quickly and is well underway to surpass the $2bn mark in the coming hours or days if this trend keeps up. All of this is occurring with a rather low trading volume, mind you, which is pretty significant.
One thing that could be quite disconcerting is how nearly half of all Monero trading volume comes from the Poloniex exchange. Bittrex and Bitfinex still complete the top three, just like they did yesterday. Unfortunately, the Monero price momentum seemingly relies heavily on how Bitcoin is doing. Although the Bitcoin price isn’t doing bad by any means, a major correction could send all other altcoins spiraling downward. It is unclear what the future price direction will be for XMR, but rest assured there is a lot of excitement right now, for obvious reasons.
Considering how the Korean Bithumb exchange can easily double or triple this trading volume when the market opens, a lot of interesting things are bound to happen for Monero. The chart can turn even greener or go deep red in the coming days, that much no one knows for sure right now. It is equally possible Monero will become more valuable than Dash in the coming weeks, which would be a very spectacular development, to say the least. Right now, all everyone can do is speculate and hope for the best. People who sold their XMR before this price surge will be quite disappointed with their actions, but that is the life of a cryptocurrency trader these days.
All things considered, the Monero price increase is well overdue at this point. For the longest time, this currency has hovered around the $20 mark until it finally moved up to $35 earlier this year. This sudden growth will eventually come at a price, but for now, it is unclear how high the value can go. Caution is advised before getting swept up in all of this momentum, though. There is room for major profits, but also even bigger losses, depending on the time of your purchase and future expectations. Monero is certainly ‘stealing the show” right now, so to speak.