This Monero price decline is not just triggered by the Bitcoin price struggling for more positive momentum. Instead, there is a 4.26% decline in the XMR/BTC ratio, which will undoubtedly have a few speculators panicking at this stage. Most veterans know such a setback is only to be expected when dealing with a slightly bearish Bitcoin price, as it tends to affect altcoins in many different ways.
The overall cryptocurrency trading volume is still on the decline as of right now. Given the current time of day, that shouldn’t surprise too many people, albeit it is still a bit bothersome. For Monero, its trading volume has dropped well below $27.5m, which seemingly further confirms the interest in XMR is dwindling fairly quickly. It is another unfortunate side effect of the bearish Bitcoin price momentum.
Looking over the exchanges ranked by XMR trading volume, it is evident HitBTC is the go-to exchange. Given the company’s issues with customer withdrawals, that is not necessarily a positive outlook. Its BTC and USDT pairs are both in the top three, separated by Binance’s USD market. Poloniex adds another BTC pair to the list, followed by Bitfinex’s USD market.
Whether or not the Monero price will continue to decline, is a different matter altogether. It is possible this trend will usher in a new era of sideways and bearish trading for the coming months. Experts are still confident Bitcoin’s value will increase later this year. Assuming that will happen, the Monero price will undoubtedly see some positive momentum as well. For now, the uneasy situation will remain in place.
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