As the trading activity has picked up in the cryptocurrency market over the last two days, the prices of some virtual currencies are rising and gaining traction among crypto enthusiasts. At 10 AM EST, Monero (XMR) crypto appeared to have caught the attention of potential investors as its price gained 8.3 per cent, trading at US$ 124.13 per token.
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After dropping significantly over the past two weeks, the valuation of the crypto market is bouncing back, and it was up by 3.9 per cent over the previous day to US$ 942.73 billion.
As the Monero crypto is gaining momentum, let’s find out more about the cryptocurrency in this article.
What is Monero?
Launched in 2014, Monero was built with the simple goal of allowing transactions to be conducted discreetly and anonymously. The XMR is the native token of Monero, and it can be used to hide the identities of both sender and recipient by using powerful cryptography.
A team of seven developers reportedly created Monero, and most remain anonymous. Also, some rumours suggest that the creator of Bitcoin, Satoshi Nakamoto, invented XMR crypto.
Monero aims to achieve the highest amount of decentralization possible, which means that a user does not have to trust anyone else on the Monero network.
As cybersecurity has become crucial, Monero claims that privacy and security are its top priority. As the token sale of the XMR crypto wasn’t held, and no tokens were pre-mined, the circulating supply of the virtual currency is merely 18.1 million.
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Bottom line
Despite the price surge of Monero crypto, it is difficult to predict what will happen next in the crypto market. Although the market is showing signs of recovery as it has remained extremely volatile throughout the year, investors should remain cautious.
The increase in the price of a particular cryptocurrency shouldn’t be the only factor to be considered before investing. Studying and researching the cryptocurrency project, developments and past performance must be examined.
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