The cryptocurrency market has been having a roller-coaster ride with bearish waves strongly following bullish ones. However, even though many other cryptocurrencies are trading in red, Monero (XMR) was up by 9.96% for the week. Trading around $106.47, Monero was up by 1.8% up within a 24 hour period as at this morning. The rate at which the price of the XMR token is rising is attractive to investors. Even Amid a bloodbath, Monero was able to go up while other altcoins bleeded out slowly.
Monero Is The Investors Choice
Everyone in the cryptocurrency industry knows that Monero is focused on fungibility, decentralization and privacy. In fact, it is currently the number one blockchain when it comes to privacy. Privacy is something that investors consider when they want to make an investment in the industry. Created in 2014, Monero has stood tall amid several bearish markets from that time until now. Even if many other cryptocurrencies have fallen by the roadside, Monero has continued to attract investors because of its emphasis on privacy.
Monero (XMR) Price Today – XMR / USD
Just as it survived the bear market of 2014 and 2015, Monero is going to survey the bear market this year. The native token of the Monero blockchain, XMR, has a lot of use cases that place it on high demand.
Monero Price Analysis Now
While the trade in green lasted for a long time, it was cut short this morning. The price of Monero (XMR) fell below a significant support all the way to $98.01. This shows that there has been a 5.81% fall in price against the USD and a 3.01% fall against Bitcoin. The trading volume within a 24 hour period is about $29,441,794 while the current market capitalization is $1,604,815,833. The circulating supply of Monero in the market at the time of writing was about 16,362,655 XMR.
The fall in price isn’t a surprise as it is extremely difficult for any other cryptocurrency to trade bullish when Bitcoin is trading in the bearish territory.