Monero Paving The Way As Altcoins Attempt A Recovery
Historically, the crypto market has shown that after a dump comes a pump. This is driven by the more optimistic bulls who look to buy coins while they are at their lowest with the optimism that they will rise again. More often than not, these bulls trigger a price recovery that often sees the coins regain their positions and the investors make a profit. On October 31, the bulls have been at it and the market is already showing positive signs.
The most peculiar thing about this latest recovery is that although bitcoin dominates the market with 54%, most investors have chosen to take a position with altcoins. At the time of press, most altcoins have seen positive gains. However, Bitcoin has seen a 0.06% price drop in the last 24 hours. This signifies more sideways action for the coin. Experts say that this is likely to go on until the coin re-establishes the $6,800 position which remains a key level for it. If the coin can re-establish this level, this could see the coin soar. Another key level for it is $6,000 and a fall past this, could trigger a bloodbath for it and the market as a whole.
Monero is leading the race to make a recovery and in the last 24 hours has recorded a price growth of 2.63%. At the time of press, Monero is trading around $104.36.
XMR/USD Price Chart, Saturday November 1st:
Other altcoins- although not all, have recorded a price gain of 0.50% to 5%. The crypto community hopes that this positive momentum continues and the coins can recover from their recent dip.
The fact that investors are not taking a position in bitcoin shows that they are not confident with the coin and fear that there will be more blood in the coming days. They are however comfortable going in on altcoin such as Monero which require little investment and have great potential for soaring. Monero, in particular, has an all-time high of over $430 making it an ideal coin to invest in.
If in the next couple of hours bitcoin bulls can begin forging a way for the coin, we could see even greater gains across all altcoins.
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