This is meant to throw some light on Monero's short and long term stability.
On days like this it becomes more than obvious that Monero trades in another league. While everything took a hit today, Monero kept its USD price stable resulting in rising ratios against BTC, ETH, BNB and more. While at times it may be annoying that Monero has no "pumpamentals", it's also great because stability is the most important ingredient for it to be used as currency. And more use as a currency (instead of speculative investment) makes it more stable and more attractive for more and more currency uses and so on and so forth.
So can we speak of Monero as a fungible private USD cash equivalent already? Probably not. But the future seems to really encourage Monero's usage as currency instead of just another speculative investment.
Why is Monero even more stable than Bitcoin?
- it is used as #1 currency on DNM
- it is #1 or #2 used as currency in giftcard transactions
- it is #1 traded coin on real DEX like bisq and P2P markets like AgoraDesk/LocalMonero
- (naked) shorters are not able to push prices further down, they try to keep it as stable as possible in order to not get called
- despite it's low trading volume on CEX which should in theory increase volatility it has fewer CEX listings in general and therefore fewer access to high leverage (which can make prices more stable, but also more erratic)
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