Monero Leads Bullish Rally As The Market Lights Up In Green
To a lot of crypto enthusiasts’ relief, the market seems to have found a bottom and stability is beginning to settle. Although weekends have always been unpredictable, this weekend’s move is very welcome by holders and they can only hope that the momentum continues growing. Leading this latest price reversal is Monero which at the time of press is up by over 6%.
In the last couple of hours, Bitcoin has not seen any major move and is still trading below $3,500 but with every minute, it is getting closer to crossing this key position. Ethereum has successfully gotten above the $90 position and XRP is still hovering in the $0.30 position.
Among the top cryptocurrencies, Monero is the highest gainer with other coins enjoying a price rally between 2% and 5%.
XMR/USD Price Chart, Sunday December 9th:
Other coins like Ethereum Classic have seen a price reversal as high as 7%. The rally has however not touched every coin as bitcoin’s cousin Litecoin remains wrapped up in the hands of bears. Litecoin is still trading in the $25 position, down by 1.79% in the last 24 hours.
At the beginning of the month, Monero was overtaken by Tron in ranking after it was surpassed in market cap. Since then, confidence has dropped among Monero holders leading to panic sell-offs. With a market cap of $807,481,964, Monero is now eleventh in ranking just shy of a couple of millions against Tron which is tenth. It seems that confidence is beginning to be restored as bulls take over and attempt a recovery. If the bullish rally is to persist, the coin might just get back to the top tier of the market pushing Tron behind.
With Monero prices at the time of press hovering just above $48, we should expect prices to hit $50 in the next couple of hours should the positive momentum persists.
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