Monero (XMR) Takes Lead as Market Rebounds and ETH Surges
The cryptocurrency market appears to be back with a bang today, with many coins trading up as much as 10 percent.
Monero is leading the charge, up almost 13 percent over the past 24 hours, trading at $111,34. The privacy coin has been fighting for 9th position with highly technical cryptocurrency Cardano (ADA) over the past few days and now looks set to maintain its place.
Even Ethereum, which has been struggling through one of it’s worst downturns in history, is up almost 11 percent today. It is slowly clawing its way back to $200, currently trading at $191.22.
For the first time in months, Bitcoin (BTC) is one of the weakest contenders in this recent market rebound, with only just over 2 percent gains. The coin did, however, manage to cross the key resistance level of $6,400 and now looks set to continue on an upward breakout.
Ripples main competitor Stellar (XLM) and Litecoin (LTC) are both up 10 percent, with XRP, EOS, and BCH lagging behind the altcoin surge with only around 5 percent gains each.
What prompted the sudden altcoin rally is unclear although it is likely related to Ethereum mining becoming unprofitable recently, resulting in many miners stopping operations and the hash difficulty dropping very low. This would result in an increased rate at which coins are mined and as such, increased value.
This fresh altcoin rebound comes at a point when the market had almost broken its longest losing streak since 2014. Back then, the overall altcoin market value dropped 86 percent over 266 days, almost the exact same percentage and timescale as now. Following the decline in 2014, the market recovered over 100 percent in the following months.
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