Monero has ranked among the top altcoins since its release in April, even earning its own market as a trading pair on the altcoin exchange Poloniex. However, the Monero price has been in decline for the past several months. CCN.com examines this altcoin price movement to help investors make wise trading decisions.
Monero Price Trending Downwards
The Monero price has been in decline for several months, and the fall continued during the past week. On October 24, the Monero price was 212,653 satoshis. Over the next two days, the Monero price declined to 194,330 satoshis. The Monero price briefly rose on October 27, but the recovery would not last.
By October 29, the Monero price had fallen to 188,664 satoshis. On October 30, the Monero price dropped another 11,000 satoshis. At press time, the Monero price was 180,741 satoshis–a 25% weekly decline.
Analysis
The Monero price has been in decline for several months. Consequently, Monero has dropped to 12th among cryptocurrency in terms of total market cap with a total valuation of ~$2.7 million. But the coin could be poised for a slight rebound. CoinGecko–a service that measures overall coin health according to a comprehensive rating algorithm–ranks Monero 9th with an overall rating of 54%. The disparity between Monero’s market cap and CoinGecko rankings indicates the Monero price is under-performing. Speculative investors should give Monero a look. Nevertheless, investors should remember that altcoin investments are incredibly risky. Pursue them with caution.
Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN.com. Neither the author nor CCN.com is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
Images from Monero and Shutterstock
