With the weekend behind us, the time has come to look toward the cryptocurrency markets once again. It looks like some interesting changes are taking place, especially where Monero is concerned. Although it appears the Monero price momentum would grind to a halt over the weekend, the trend has picked up steam again. Reaching that $150 mark is still a distinct possibility, although it will take some effort.
Monero Price Train Just Keeps on Rolling
It is quite amazing to see how much the Monero price has appreciated these past few days. For some reason, this currency has successfully flown under the radar for the longest time. Many people disregarded XMR as a viable currency, even though it has the anonymity traits so many people actively looking for right now. While it is certainly true Monero isn’t as convenient or easy to spend as Bitcoin – which is very limited in itself in this regard – things are certainly improving for the XMR ecosystem as we speak.
Moreover, it seems a lot of people are actively taking a liking to Monero as we speak. If that wasn’t the case, there would be no price jump like the one we are seeing right now. Pushing the Monero price to $150 and possibly beyond is certainly subject to market manipulation and massive speculation. Then again, we have seen Dash go from nearly no value to around $400 this year as well. There is no reason to think Monero can’t see a similar price pattern, as the current trend certainly looks pretty bullish.
One thing that will certainly help the Monero price move along is the listing on Korea’s Bithumb exchange. It has been mentioned by us previously how this exchange is known for shaking up cryptocurrency markets quite a bit. In an email sent out to customers earlier today, the company mentions how XMR trading will go live on August 31st. However, the market itself is open for action and it appears Monero is getting a lot of volume already. Right now, they value one XMR at $170, compared to around $150 across Western exchanges.
It is important to note there no longer appears to be a “premium ‘price” difference between Western exchanges and Bithumb. In the past, we would see most Asian exchanges trade 5% or more above the normal market average. That is no longer the case, and Bithumb is an exchange which operates on a zero-trading fee structure. If they value XMR at $170, the rest of the world will have to follow their lead in one way or the other. Whether or not that will be the case, remains to be determined.
Having this fiat currency gateway for Monero will certainly open up new opportunities. The Korean won is quickly becoming the go-to fiat currency market when it comes to cryptocurrency trading. It can easily dwarf USD, EUR, and GBP volumes combined, even on a bad day. It is evident for everyone to see South Korea has become the new China when it comes to dictating cryptocurrency prices right now. Bithumb is certainly one of the leaders in this market, although Coinone shouldn’t be discounted either.
All things considered, there are plenty of reasons to get excited about the Monero price. It is a great day for speculators and market makers once again. A lot of people still have high hopes for a massive Ethereum price jump, but it looks like the market is pretty much divided on this front. Then again, Ethereum has seen its biggest price jump to date already and it remains doubtful history will repeat itself for this particular currency. The altcoin season is in full effect as we speak, that much no one can deny.