Monero Dips But Seems Likely to Bounce Back

Cryptocurrency Monero has dipped to around $8.50 from its $10 dollar high yesterday. This has also led to a decrease in volume from the monumental surges we saw earlier in the week.

However, those in search of profits from getting in on the action should not worry too much, since any gains we have seen are merely by-products of the initial rush of 'news buying'. If the coin is truly successful on the Dark Markets, then such recent gains should pale in significance with what is to come.

Many traders buy on news, wait for the rush, and then dump at the top, not because they have no faith in the coin but because they are waiting for the bottom of the dip when they can buy back in again and ride the next high, repeating the process and maximizing profits.

There is no pump and dump here, and it is unlikely the DMs have colluded to artificially inflate Monero, since they are directly in competition with one another. This is genuine interest from the community in a potential use case. Of course it remains to be seen how well that use case will proceed but it appears likely that there will be more upward surges on the Monero markets in the coming weeks and months as the genuine economy takes hold.

(note, this is the opinion of the author and does not constitute investment advice blah blah)