Monero [XMR] seems to be one amongst the foremost prepared altcoins to create the foremost of this recent crypto resurgence. After a small amount of relief from the market crash, the private cryptocurrency looks to be running toe to toe with the crypto king, Bitcoin [BTC].
XMR traded at $146.81 at press time but that’s not the catch here. it absolutely was near matching BTC in terms of transactions allotted within the last 24 hours.
As of this writing, there have been 46,993 transactions using XMR. Besides this milestone, XMR had been following the BTC trend and price movement.
Additionally, XMR has stayed on top of its game since the rally began. After scaling through the $142 level, the coin has maintained a powerful position around $145.
A look at the XMR/USDT chart showed that its rise from Bastille Day has been consistent. Its current price represents an 18.17% increase from the past week. it’s been an analogous rise for BTC which traded at $23,797.27 at press time, translating to a 19.31% upward movement within the identical period.
Despite its movement, what are the possibilities of Monero maintaining its bullish momentum? While Bitcoin has stayed the cause, will Monero withstand the pressure or fall to a bear sentiment?
A beaming dim
According to on-chain data, Monero had improved monumentally in some aspects. Data from Santiment revealed that developer activity was highly functional on its chain. As of 13 July, it had been at 1.50. Interestingly, it moved up higher and was at 3.71 as of this writing.
With this development, it means there has been some substantial improvement within the Monero ecosystem.
However, it’s not been all glitz and glamor for XMR. Whale activity diminished strongly. Similarly, the whale’s belief in Monero could keep dwindling. While it’s been falling before, recent data showed that it’d take longer for a revival.
On 5 July, whales with $5 million or more on the Monero chain were at level 44. At press time, it had fallen to 43, with signs of an additional downtrend.
With all of those and Bitcoin’s stance, XMR’s try to hold on to the BTC level may prove too difficult. Still, nothing is impossible within the crypto market as further trends will reveal if Monero will push again.
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