Tenth-placed monero leads cryptocurrency market rally
While prices in the digital coin market were mixed on Tuesday, monero, the 10th-largest token by market capitalisation jumped in value.
Monero has seen a 35% gain in the past seven days as it garnered attention from crypto miners as one of the most profitable tokens to mine in the past few months as costs to extract bitcoin and the other large digital assets rise as prices have fallen.
It’s also looking good on the charts, says Kiana Danial at FXStreet: “From a technical standpoint, the hype looks legit.
“It looks like XMR could reach the 76% Fibonacci retracement level of $163 if the bulls continue to ride on this new uptrend.”
Here’s a round-up of the main moves in the crypto top 10 on Tuesday – look out for monero in 10th spot. All prices are at shortly after 11am [London time]:
- Bitcoin +0.8% at $7,294
- Ethereum -0.3% at $286.08
- Ripple -0.2% at $0.33
- Bitcoin cash +0.2% at $628.55
- Eos +0.2% at $6.46
- Stellar lumens +1% at $0.22
- Litecoin +4.1% at $67.58
- Tether -0.1% at $1
- Cardano +1.3% at $0.10
- Monero +12.5% at $138.41