MONERO (XMR), DENT (DENT) & SUBSTRATUM (SUB): Positive news driving price action
Monero XMR has made some major gains in the last week, driven mainly by the positive momentum in the entire market at the moment. Monero is also being driven by news that it could be used as a tax haven for certain categories of tax payers. Naturally, this is exciting investors, as more people explore how they can incorporate Monero in their tax planning. This excitement is clear in the volumes surge that Monero has seen since these news started making headlines. In the last 2 days, Monero has seen trading volumes surge from around $54 million to the current volumes of over $155 million. That’s an indication that money is flowing into Monero in huge amounts.
A similar picture comes up when you look at what people are saying about Monero on major online platforms. In the last 24 hours, Monero has been mentioned about 83 times in different crypto platforms. Out of these, 77% of them are positive. That’s an indicator that people are very excited about Monero at the moment, and this is pushing up trading volumes.
We can conclude that interest in Monero is high at the moment, and is being driven by tax related issues, and the overall positive sentiment in crypto at the moment. As long as this momentum holds, Monero XMR will continue to make gains.
Currently, Dent seems to be moving in tandem with the price action of bitcoin, pretty much like the rest of the altcoins market. That’s why after the recent bitcoin surge, this crypto’s volumes have surged too, from around $700k on the 15th of April to the current volumes of slightly over $1.3 million. However, in the last 24 hours, bitcoin has shed some of its previous day’s gains, to hover around the $8000 psychological support level. Coincidentally, Dent’s trading volumes have dropped too, from around $1.7 million to the current levels. That’s despite the news that Dent is now live in the Brazilian mobile data market.
On this basis, we can also use Bitcoin’s online sentiment to determine the near term direction of Dent. In the last 24 hours, Bitcoin has been mentioned about 306 times on different online platforms, and out of those 74% of them are positive. That’s an indicator that bullish momentum is still strong in the market.
As such, we can conclude that Dent could rally in coming days, if the current positive momentum in the market continues to grow.
Substratum aims to create a decentralized internet that is free of any censorship. This has created excitement in this market for the last few weeks, especially due to the issue of net neutrality. However, it is Facebook’s data privacy issues that have pushed up this crypto in the last couple of days. Investors are hoping that substratum could create an internet environment where such issues are no longer an issue. Of course substratum has also benefited from the positive momentum in the market at the moment.
We can, therefore, conclude that Substratum SUB will continue to push up as long as the current market-wide momentum continues, and internet privacy issues continue to make headlines.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.