While the cryptocurrency market is constantly showing high volatility, the prices of various coins which were on the bearish side have been gaining the momentum back. On 24th June, Bitcoin [BTC], was trading at its monthly low of $5826 has bounced back to $6167 today. This has slightly driven the market to a negligible bullish side in the past 24 hours.
Monero [XMR], which is renowned as the “privacy coin” of the cryptocurrency market was constantly being observed for its poor performance since the last week of May. During the first week of May, the coin was comfortably trading at $253, however, a bearish trend was observed during the second week. By mid-June, it dropped to as low as $114.
A Redditor named BitNobility says:
“Simply normal consolidation that occurs in all financial markets. Once it is over Monero will trend up.”
At the time of writing, Monero [XMR] is trading at $124.83 with a market capitalization of $2.02 billion. The coin is currently trending at the 13th position with a significant 14.54% increase in the past 24 hours. XMR is also showing a green mark in the past 7 days with a gain of 2.65% in its price.
A Monero proponent on Reddit says:
“Probably hopium, but I see this bitcoin crash just a consequence of the million worthless alts that people have to sell to bitcoin and cash out. We know those people aren’t going to buy the real thing but instead pack their packs and leave. XMR hasn’t decliner nearly as much, so it makes sense the real deals get back in track soon. Today is a good day.”
A Cryptocurrency enthusiast on Twitter says:
“XMR to the moon!! #HODL!”
A Redditor named Giant_mutton says:
“Have faith, great tech and community”
The coin was also listed as one of the most controversial coins due to its poor performance throughout the month. Amidst this bearish pull, on 21st June, XMR was added to the trading list of a cryptocurrency wallet named Edge. Also, last week, the Monero team released an update on its open source wallet called Monerujo. This update has been termed as “Maximum Nacho” which has eliminated the existing bugs from the code.