Monero has outperformed the cryptocurrency market significantly in the past 24 hours. Even though it is not the best performing currency but relative to other currencies, it has certainly outperformed. The significant rise of the past 24 hours has brought it back into the reckoning. Many investors are again researching about the cryptocurrency to find out whether it can increase further.
While Bitcoin is up just 3% to 4% in the last 24 hours, Monero has rallied by over 15%. Yesterday, it was trading around the levels of $ 320. Today, it is trading around $ 370 mark. This marks a significant increase of almost 15% in the last 24 hours. Moreover, during the month of February as well, it has increased by almost 11%.
Reasons for the Appreciation:
While the exact reason cannot be marked but many investors think that it is due to the hard fork which is upcoming in the cryptocurrency. There will also be an Airdrop. MoneroV will be launched. It will be airdropped to each and every Monero holder. In the coming few days, the cryptocurrency can rise even further. Many of the investors think that it will cross the $ 400 mark. This will mark a further increase of approximately 10%.
The all-time high of the cryptocurrencies $ 490. This was achieved during January. The current market cap of the cryptocurrency is around $ 5.8 billion. It is at the 9th position when it comes to cryptocurrencies by market cap. The total traded volume in the last 24 hours is $ 218 million.
Currently, very few other cryptocurrencies are in the green. One such cryptocurrency which is in the green currently is Litecoin. Many of the other cryptocurrencies have fallen since this morning. This is the reason why Monero is actually a bright spot when you observe the cryptocurrency universe.
With the hard fork coming up, it might increase even further. This is the reason why investors are still invested in this cryptocurrency and think that it will appreciate further. Only time will be able to tell whether it is worth investing in the cryptocurrency right now or not. One thing which is for sure is that the cryptocurrency investors who have invested in Monero previously will be able to reap rich dividends.
With that being said, the volatility is here to stay when it comes to cryptocurrencies. Only certain positive news can propel them to a higher level. For now, however, the market cap of the entire cryptocurrency universe has stagnated around $ 500 billion mark.