Just recently, the crypto world was full of excitement over the much-anticipated Monero hard fork that will see coin holders receive newly minted MoneroV coins. In fact, previous weeks saw Monero’s price gain by about 90 percent up from its price in February, to change hands at a price of $380 according to a variety of exchanges.
However, on March 9th, the developers announced a delay of the hard fork that was scheduled for March 15th, citing requests by large mining pools, trading platforms and users. As a result, the privacy-centric Monero coin saw a 10 percent drop in price in only 24 hours, according to CoinMarketCap.
Rescheduling the Hard Fork
Even though the hard fork has been rescheduled for April 30th at block 1564965, the price of Monero has continued to plummet with an estimated drop of over 30 percent throughout the week. Hard forks are known for being popular among crypto enthusiasts, simply for the fact that they offer a chance to acquire free coins and tokens that often lead to profit as the minted coins grow in value.
Further Market Movements
For holders of Monero, the indication by technical charts of a $200 mark bullish reversal point is more than music to their ears, as each holder of Monero is set to receive the new MoneroV tokens at a ratio of 10 MoneroV coins to 1 Monero coin.
However, it is also possible for XMR to hit a low of $150 as previously seen early last month, if the coin is able find acceptance under the $200 mark. In addition, it is highly likely that XMR will struggle against Bitcoin’s price, given that it’s currently trading at a Bitcoin value of 0.027643 BTC according to Bitfinex.
What do you think will be the fate of the MoneroV and the Monero hard fork? Share your thoughts and opinions with us in the comments section.