In a rare move of defiance, both Monero and Qtum are flying high today in response to some recent news and announcements.
With the rest of the markets falling at a significant rate, Monero and Qtum are really standing out, the question we should ask now is, will this trend last?
We should consider at this point, that this is not investment advice, we are simply just reporting on how both of these cryptocurrencies are performing at the moment. Both do of course present investment opportunities but, you should always do your research before choosing to invest.
So, what’s going on?
At the time of writing, Monero is valued at $128.33, up 1.62%. A rise short of 2% may not seem significant, but consider that at the time of writing, neighbours TRON and NEO are both down 4.96% and 4.30% respectively and suddenly, Monero seems to be doing very well indeed. This seems to be in response to Monero being added to Edge Wallet. This was announced last week; however, Edge have recently posted a tweet about the listing, which in turn seems to have coincided with the latest rise of Monero.
“We have the great pleasure to inform you, in your Edge wallet, you will now find $XMR. @monero has been on our list for a while and we are happy to provide it for the community. XMRenthusiast @mariodian @BGGoodell @ArtofNBG @monero_observer ” https://t.co/5Gbzjzl0Ez
— Edge (@EdgeSecure) June 26, 2018
At the time of writing, Qtum is valued at $8.83, up 6.69%. Again, this rise isn’t huge, but when you compare it to the path of Ontology and OmiseGO, the neighbours of Qtum who, at the time of writing sit down 3.53% and 6.85% respectively, you can appreciate the suddent progression of Qtum here. Qtum has recently been backed by Anthony Di Iorio, one of the original founders of Ethereum as a cryptocurrency that will become big in the future. Again, this news is a few days old but a recent tweet from Qtum, and coverage of the story by Bloomberg seems to have had a very positive impact on Qtum’s price.
— QtumOfficial (@QtumOfficial) June 26, 2018
This trend won’t continue forever; however, it is at least a good sign for Monero and Qtum, who would undoubtedly otherwise be a part of the current market fall, that is bringing crypto’s down to new lows. By making steady progression now, Monero and Qtum have at least carried out some damage control, control that should see them right going into the end of June and the start of July. Either way, we will continue to watch these currencies as, as it stands, there is every chance something far bigger could be going on here.