Monero News and Price Overview: Monero (XMR) Recovers From 8 Month Low. Wednesday, June 27
Important Monero News
Monero Recovers From 8 Month Low
Monero has recovered from 8 month low just as the coin market recovers from some of its losses over the past couple of days. Among 25 most capitalized coin, Monero’s recovery is highest having shown 12 percent bounce after the last big dip at the beginning of the week.
The coin market dropped to a year low of $235 billion just as Bitcoin reached its year low of $5,826. The coin made a 3 percent recovery overnight to $6,180 pulling must of the coins along. Ethereum which did not lose as much value as it did in April fell to $426, but made a rebound to $455.
Monero fell to a low of $109 during the big dip at the beginning of the week but its recovery to $126 makes it the best performing coin at this period. It is its best performance in 8 months.
Monero Exceeds Expectations with 15 percent Rally
Monero’s rebound in the past few days has recovered 15 percent of the losses. The controversial privacy coin has been criticized for poor performance after dropping from $253 in early March to $114. The Bitcoin led recovery has seen the coin rise by 15 percent.
BitNobility, a redditor commented on the Monero rebound saying “Simply normal consolidation that occurs in all financial markets. Once it is over, Monero will trend up.”
Another comment on the issue says Probably hopium, but I see this bitcoin crash just a consequence of the million worthless alts that people have to sell to bitcoin and cash out. We know those people aren’t going to buy the real thing but instead pack their packs and leave. XMR hasn’t decliner nearly as much, so it makes sense the real deals get back in track soon. Today is a good day.”
XMR/USD Price Chart, Wednesday June 27th:
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