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Considering how all cryptocurrencies are struggling right now, it is pretty interesting to see how Monero is effectively in the green. This is the only major cryptocurrency with an established reputation in the industry to note any gains. IOTA is also in the green right now, but it is still on the brink of dropping out of the top 10 very soon. Monero is on the radar for traders right now, thanks to the 6.19% gain over the past 24 hours.
MONERO PRICE SHOWS STRONG RESILIENCE
As it is to be expected these days, all cryptocurrencies are somewhat struggling as we speak. Conflicting reports coming out of China indicate there is a lot of fear in the markets, which eventually keeps driving the price down as a result. The Bitcoin price goes in the red for another day, which usually drags all other cryptocurrencies with it. So far, that latter part has not materialized as we would come to expect, as Monero is bucking this downward trend with everything it’s got right now.
While some people may claim Monero is the Bitcoin we have never gotten to experience to date, it remains to be seen if that is the case. More specifically, Bitcoin has quickly become the world’s leading cryptocurrencies despite some lacking features in terms of privacy and anonymity. Monero, on the other hand, offers privacy and anonymity in abundance. In fact, it is evident this may be the only cryptocurrency in existence right now not subject to blockchain analysis firms, according to BlockSci.
Regardless of how people feel about Monero and its potential, no one can deny the price is going up during these troubling times. This has nothing to do with hype or speculation, mind you, but is rather a direct result of the developers introducing valuable changes requested by the community. The next hard fork will go into effect tomorrow and the recent Helium Hydra release prepares all users for the changes coming to the Monero protocol.
Additionally, there are some more changes on the horizon. Support for proper mobile wallets is definitely one big selling point for XMR right now, as the community has been looking for such solutions for some time now. Moreover, Ledger is apparently working on Monero integration, which will finally provide hardware support for this privacy-and anonymity-centric cryptocurrency. All of these changes will bring more positive to Monero in the future as well.
It appears the current price increase is driven by the slightly higher trading volume across exchanges. As most people are well aware of, Monero never has a high amount of trading volume whatsoever, but it still does well on its own. Over the past 24 hours, we have seen over $132m in trading volume for XMR, which is a pretty solid number. Bithumb is the main driver of trading volume right now, followed by Poloniex and Bittrex. Ever since Monero was added to Bithumb, the trading volume has picked up a little bit.
For the time being, it remains to be seen how things will evolve for the Monero price. Right now, one XMR is valued at $113.42, which is nothing spectacular whatsoever. However, in the current market conditions, the 6.19% gain is significant. Whether or not we will see a new all-time Monero price in the near future, remains to be determined, though. Things are finally falling into place for Monero, that much is certain.