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Monero Price Rally Continues as $100 per XMR is Within Reach


A lot of people were caught by surprise when the Monero price suddenly started showing a lot of movement. That shouldn’t really come as a big shock, though, as Monero has a solid development team and has been undervalued for quite some time now. It seems yesterday’s trend is still in full effect today, as people are seemingly quite bullish on XMR right now. Given the upcoming listing on Korea’s Bithumb exchange, that is only to be expected. Maintaining the momentum will still be a challenge, though, for obvious reasons.


MONERO PRICE KEEPS GOING UP

It is always good to see cryptocurrencies which gain value the day prior, maintain the momentum for quite some time to come. Far too often do we see clear pump-and-dump schemes which contribute absolutely nothing to the ecosystem whatsoever. No one can deny Monero is anything but a pump-and-dump coin, as it is one of the more solid projects in all of cryptocurrency right now. The developers are working hard to provide the best anonymity features to XMR holders at any given time.

It appears the markets are in an upward trend due to the impending listing of XMR on the Korean Bithumb exchange. It is certainly true every currency listed on this exchange has successfully seen its price increase over time, although not all of those trends have proven to be long-term changes. Additionally, exposing XMR to Korean traders creates a new fiat currency gateway with the Won, which can be quite significant in the long run for Monero.

Whether or not the Bithumb listing will do XMR any favors, remains to be seen, though. It is true the exchange has no trading fees whatsoever, which can prove to be quite beneficial. Do keep in mind the exchange will open deposits tomorrow, but the actual trading of XMR will not take place until the 26th. Having more XMR on this particular exchange means there will be less liquidity to deal with on other platforms. It is still possible this will prevent the XMR price from going up too much, though, but only time will tell what the outcome will be in the coming days and weeks.




Right now, one XMR is valued at $91.10, which is another 9.39% increase compared to 24 hours ago. One has to keep in mind major price jumps will often result in equally large corrections and possibly even a lower price in the long run. Interesting things are on the horizon for Monero in the development department, but none of these changes will happen over the coming days or weeks. That doesn’t mean now is a bad time to stock up on some XMR if you really believe in the project, though. This currency will not go away anytime soon, that much is evident.

Until Bithumb enables XMR trading, most of the trading volume is originating from the Poloniex exchange. Bittrex is in second place, whereas Bitfinex completes the top 3. It is worth noting Bitfinex is the first exchange on the list dealing with a fiat currency-related XMR trading pair. It seems traders primarily exchange Bitcoin for XMR and vice versa right now, which is only to be expected. Monero has never been the most popular market when it comes to fiat currency trading and it looks like that will not change until Bithumb effectively opens the market.

All things considered, it is evident people shouldn’t be overly focused on the Monero price right now. While it is true the market cap is growing – and successfully overtook Ethereum Classic in the process – the main focus for Monero has always been on the technology. With solid developments in place, the Monero price will appreciate automatically over time. This is not a get-rich-quick scheme by any means, even though speculators will try to take advantage of this situation in the future.

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