Monero [XMR] seems to be one of the best-prepared altcoins to make the most of this recent crypto resurgence. After some relief from the stock market crash, private cryptocurrency seems to be in tune with the king of crypto, Bitcoin [BTC].
XMR was trading at $146.81 at press time, but that’s not the issue here. It was close to matching BTC in terms of transactions made in the last 24 hours.
At the time of this writing, there were 46,993 transactions using XMR. Besides this milestone, XMR had followed the BTC trend and price movement.
Additionally, XMR has remained in top form since the start of the rally. After scaling the $142 levelthe coin maintained a strong position around $145.
A look at the XMR/USDT chart showed that its rise from July 14 has been consistent. Its current price represents an increase of 18.17% from last week. There was a similar rise for BTC which was trading at $23,797.27 at press time, translating to an upward move of 19.31% over the same period.
Despite its movement, what are the chances that XMR will maintain its bullish momentum? While Bitcoin has remained the cause, will Monero withstand the pressure or fall into bearish sentiment?
A radiant light
According to on-chain data, Monero has improved significantly in some respects. Santiment’s data revealed developer activity to be highly functional on its channel. As of July 13, it was at 1:50 a.m. Interestingly, it has increased and was at 3.71 at the time of this writing.
With this development, it means that there has been a substantial improvement in the Monero ecosystem.
However, not all has been glitz and glamor for XMR. Whale activity has declined sharply. Likewise, the whale’s belief in XMR may continue to decline. Although it has fallen before, recent data has shown that it may take longer for a recovery.
On July 5, whales with $5 million or more on the Monero Channel were at level 44. As of press time, it had fallen to 43, with signs of a further downward trend.
With all of this and Bitcoin’s position, XMR’s attempt to hold BTC level may prove too difficult. Still, nothing is impossible in the crypto market, as other trends will reveal whether XMR will push again.