Monero Found Support Above $51 As The Market Struggles To Remain In The Green

As you already know by now, Bitcoin fell pretty bad a few days ago, and there have been all kinds of speculations regarding potential reasons for which the most important coin in the market lost so much of its value.

A couple of days ago, we reported that the Daily Hodl online magazine offered the opinions of seven crypto analysts who present potential reasons for this fall and predict where will BTC head next.

None of them say that this is the bottom.

For instance, Tone Vays said that “Six months ago at Consensus2019, Ran Neuner and I bet on Bitcoin pulling back to $4,500. Price of BTC was about the same, but trending up, now it’s trending down. I’m just as confident today as I was then, six months to go!”

Anyway, now things are looking better and Bitcoin, along with the altcoins are trading in the green at the moment of writing this article.

Monero in the crypto market

Monero is no exception, and the privacy-oriented coin is also trading in the green. XMR is placed on the 14th spot on CMC and the coin is priced at $51.59.

In other news, Monero is getting ready for the new upgrade that’s set to take place soon.

The Monero project is ready for the upcoming network upgrade for quite a while now.

Monero wants to move to one of the most awaited ASIC-resistant algorithms – RondomX- from the CryptoNight R Proof of Work algorithm.

While some are criticizing the fact that Monero is about to undergo a new update, XMR enthusiasts are on board.

The privacy-oriented coin managed to gather increased interest during 2019, and despite the fact that the crypto market has been highly volatile and this affected XMR as well, a lot of crypto enthusiasts see a great investment opportunity in this coin.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2514 Articles

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