Monero (XMR) Market Capitalization is at a 2-year High – CryptoPotatoOctober 16, 2020
Monero, the most important privacy coin in the crypto ecosystem, is having a great time, outperforming even Bitcoin in comparison.
As of today, October 15th, 2020; XMR closed with a total market capitalization of $2.29 Bn. At a price of $129 per token, the crypto is showing a phenomenal performance, achieving a maket capitalization not seen since 2018, when the bearish sentiment took over the crypto-verse, draining the markets in general.
Bulls Are in Control, But for How Long?
Looking at things from another perspective —and considering that such capitalization was last seen during a bearish phase— in terms of sentiment analysis, Monero is breaking limits that were only observable in 2017, during the last bullish run of the crypto markets in general.
The Relative Strength Index —a number that tries to determine whether an asset is overbought, oversold, or in a state of equilibrium— shows that bulls are in control. The token is starting to move to an overbought zone, which means traders should be cautious and think ahead of a possible sell-off.
However, in general terms, a high RSI under current circumstances doesn’t look as scary as that of 2017. Other data show a balance in the market and a good place to grow in the short term.