Many cryptocurrency investors have heard of Monero, a cryptocurrency that is often described as “secure, private and untraceable.” The cryptocurrency’s reputation is well-known, but how well do you know the technology behind it? There has been a lot of buzz surrounding the coin in the past month, and the price has skyrocketed, thanks to some major developments.
An array of privacy-centric cryptocurrency projects has seen fresh gains today, with monero (XMR), bitcoin private (BTCP), and zcash (ZEC) all seeing notable price increases in the last 24 hours. Monero, the top privacy coin by market cap, is up nearly 30 percent over the past 24 hours, trading at $147 at press time. Bitcoin private, meanwhile, is trading up 20 percent, and is up over 100 percent from its recent low of $2.51 on May 28.
The seventh. In May, the privacy-focused crypto asset Monero reached an all-time high of $515 per unit, as demand for confidential transactions has increased recently. Monero has grown by more than 190% in the past three months, while a number of other privacy-related coins, such as zcash, verge, horizen and grin, have also experienced significant growth.
Monero XMR reached a new ATH earlier than most privatecoins.
As the value of cryptocurrencies has skyrocketed, the regulatory environment has tightened considerably. Governments and blockchain watchdogs from around the world feel at home in this sector. It is interesting to note that as legal restrictions and trade exclusions increase, so does the demand for privacy-sensitive components.
Trusted coins advanced north into 2021, and Monero (XMR) hit an all-time high (ATH) on Friday. Monero was conceived in 2014 and, as an open source, is not a fork of Bitcoin (BTC), but a digital proof-of-work (PoW) asset based on the Cryptonote application.
The XMR blockchain is considered a misappropriated public ledger. It uses circular signatures, single-use hidden addresses, and a non-interactive zero-knowledge proof protocol (NIZKP) called Bulletproof. Governments, such as the United States, are aware of Monero’s privacy benefits and have even offered to pay for a tool to break its privacy features.
XMR is up over 17% this week and 74% in the past month. The 90-day statistics show that XMR is up 192.5% and the 12-month statistics show that Monero is up 666% against the US dollar.
Monero began to gain interest in January, as there have been a number of developments since then. In the first month of this year, developers reported that three teams were working on an atomic exchange of XMR. In February, Monero developers said Bulletproofs+ had conducted an audit.
The largest Monero pair is Tether, while Zcash, Verge, Grin, Beam, Horizen and Dash are up over 200% in 3 months
According to Cryptocompare, Monero’s main currency pair is Tether (USDT), as USDT accounts for 67% of all XMR transactions. Tether is followed by BTC (24.50%), ETH (3.47%), USD (2.36%), BUSD (0.92%) and EUR (0.58%).
In addition, a number of other issues related to privacy are also gaining in value. Zcash (ZEC) still has a long way to go to catch up with its last ATH from five years ago, when it reached $8,967 per unit. Yet ZEC is up 591% this year and 216% in the last three months.
Verge is up 297% over the 90-day period, and Horizen is up 318% over the same period. The 90-day stats show that Grin is up 264% and Beam is up 238%. Finally, Dash is up 215% in the past three months, but has yet to reach its ATH of $1,531 per unit three years ago.
Overall, privacy currencies are doing well despite the regulatory environment and are increasingly difficult to find on the exchanges.
What do you think about Monero reaching a new high and other private currencies gaining ground? Let us know what you think in the comments below.
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ray, blockchain monitoring, bulletproof, dash, government suppression, governments, grin, horizen, monero, monero (XMR), blockchain obfuscation, privacy, confidential assets, confidential coins, hidden addresses, tether, USDT, verge, xmr
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