Notice that this week, wij see the conversion line (blue) has moved higher, suggesting the market will also proceed te the upward direction and offers support at $51.33.

The largest South Korean exchange Bithumb announced on August 21 the addition of the privacy-focused altcoin, monero (XMR). The exchange, which instructions more than $900 million ter volume daily, plans to open up monero deposits on August 23.

Koreans have bot pushing a lotsbestemming of volume into cryptocurrency markets recently. The pump of Bitcoin Specie overheen the weekend of August Nineteen wasgoed driven mainly by exchanges te South Korea. Ether is also a popular altcoin to trade, with a substantial portion of the volume coming from Bithumb and Coinone, accounting for more than 25 procent of the total volume.

Now monero, a relatively low volume cryptocurrency, will love greater rente and points to a higher price for XMR-USD overheen the medium term. Presently, more than 30 procent of the volume originates from Poloniex.

Bithumb is encouraging monero trading by running a promotion, inbetween August 23 and August 25, those who deposit XMR at their Bithumb account will receive an reserve one procent on top. Furthermore, the exchange is also running a trading competition, whereby the top 50 fattest traders ter terms of trading amounts will be given a prize of up to 100 XMR (worth overheen $7,800 at the time of writing).

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The anticipation of monero being opened up to such a market that is enthusiastic about crypto has propelled the altcoin to fresh all-time highs. The market capitalization of Monero broke above the $1 billion mark for the very first time on August 21, spil XMR-USD breached the $60 and $70 treats with ease, presently trading at $78.73 on the Openleggen exchange.

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The weekly price act for XMR-USD is shown below. Spil noted ter our Weekly Cryptocurrency Market Outlook August 15, wij stated that a stir above the high at $53.43 would lead to further gains. The market invalidated the fractal resistance at $53.43 (the fractal wasgoed forming, but invalidated last week when monero moved above $53.43) and the weekly candlestick closed at $55.29.

On August 21, the price of monero hopped from the open at $55.41 to fresh highs above $80 spil Bithumb’s announcement permeated the cybersphere. Notice that this week, wij see the conversion line (blue) has moved higher, suggesting the market will also proceed te the upward direction and offers support at $51.33. Also, wij should see a weekly close above the previous all-time high and fractal resistance at $61.70 by August 28, which will give even stronger bullish confirmation.

XMR-BTC is also looking strong, with a pauze above the fractal resistance at 0.0198 occurring on August 21. Wij should see XMR-BTC target the fractal at 0.02526, the high from May . Also, notice that a fractal support looks to form by August 28 at 0.01056, which provides a further bullish indication.

While XMR has a low profile on international exchanges, it is one of the most promising cryptocurrency projects. The addition of the altcoin to South Korean exchange Bithumb means it will join other heavyweights such spil Dash and Litecoin. It is also a good sign for improving the liquidity of monero markets spil well spil the further adoption of the altcoin ter the future. If the addition is popular amongst South Korean traders and investors, wij could see the price of monero propelled even higher by the end of August.

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