Monero has been one of the top altcoins since its release in April and has even developed its own market as a trading couple on the Poloniex altcoin exchange. However, the Monero price has been falling in recent months. CCN.com is researching this altcoin price movement to help investors make smart trading decisions.
Monero price is trending down
The Monero price has been falling for several months, and the decline continued into the past week. On October 24th, the Monero price was 212,653 satoshis. Over the next two days, the Monero price fell to 194,330 satoshis. Monero price rose momentarily on October 27, but the recovery would not last.
By October 29, the Monero price had dropped to 188,664 satoshis. On October 30, the Monero price fell by an additional 11,000 satoshis. At the time of going to press, the Monero price was 180,741 satoshis – a 25% weekly decrease.
The Monero price has fallen 25% over the past week. The current Monero price is 180,959 satoshis. Chart by CoinGecko.
The Monero price has been falling for several months. As a result, Monero has fallen to 12th place among cryptocurrencies in terms of total market capitalization with an overall valuation of ~ $ 2.7M. But the coin might be ready for a slight rebound. CoinGecko – a service that measures the overall condition of coins according to a comprehensive rating algorithm – ranks 9th on Monero with an overall rating of 54%. The differences between Monero’s market cap and CoinGecko rankings suggest that Monero’s price is underperforming. Speculative investors should give Monero a look. However, investors should remember that altcoin investments are incredibly risky. Follow them with caution.
Disclosure: The author is paid up and holds investments in Bitcoin. It is not invested in or affiliated with any of the altcoins discussed in this article. All advice contained in this article is intended for the author only and does not reflect the views of CCN.com. Neither the author nor CCN.com are responsible for your investment decisions. So do your homework and never invest more than you are ready to lose.
Images from Monero and Shutterstock
Last change: March 4, 2021, 4:40 p.m.