Monero price reached a new record on Monday, rising to $95 following news that Bithumb, the world’s most-used cryptocurrency exchange, would soon add Monero trading pairs to its platform.
This morning, Korean exchange Bithumb announced that it would list XMR trading pairs this week. On August 23, they will begin accepting Monero deposits, and they will hold a special trading promotion through August 27.
Getting listed on Bithumb is a significant milestone for any coin. At present, this Korean exchange has a daily volume of more than $1.15 billion, which is $500 million greater than 2nd-ranked Poloniex.
For evidence at the impact Bithumb can have on a coin, just look at bitcoin cash. During the past week, the bitcoin cash price hit an all-time high of $997. That bull run was fueled by BCH/KRW trading pairs, and Bithumb volume led the way by a large margin.
For an altcoin, the Monero price had remained fairly steady throughout the first three weeks of August. It rode the market rally to a 21% gain but was unable to make any significant movement in the market cap rankings.
However, the XMR markets responded very positively to the Bithumb announcement, and the Monero price immediately shot from $55 to a record-setting $95. The Monero price did not sustain this level, and it now sits at $74. Nevertheless, this still represents an impressive daily gain of 36%.
This rally increased Monero’s market cap to $1.2 billion, making it the record-setting 11th cryptocurrency to join the $1 billion club. At present, Monero needs to add about $270 million to surpass ethereum classic and re-enter the market cap top 10.
The announcement also sparked a surge in trading volume. Daily XMR volume is usually about $10-20 million, but today Monero has seen nearly $220 million in total volume. Most of this volume has been XMR/BTC pairs, so it will be fascinating to see how the addition of XMR/KRW pairs will impact Monero moving forward.
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Last modified: May 21, 2020 9:36 AM UTC