The Rise of Monero (XMR)
It was a very bullish week for privacy centric coins with cryptocurrencies like Monero, Dash, Zcash, Pivx and Verge making huge gains compared to the rest of the other cryptocurrencies. The price of Monero alsmost tripled when it jumped from $50 from last week to $148 this week. Monero price was continuously rising.
Same was the case for DASH. The price of Dash also rose more than $100 and made it’s new all time high at $409.
(Also Read: Top Ten Cryptocurrencies As On 27 August 2017)
Among so many choices, it is important to understand how these cryptocurrencies differ and which ones have the most potential to grow.
Monero started out as a community project in the summer of 2014 after a lot of internal fighting among the original Bytecoin and BitMonero communities. The main problems with both those communities being that their coins were premined and the decision process less transparent than what the community wanted.
Since its inception, Monero has focused on true anonymity and fungibility along with keeping mining accessible to the average person by making mining ASIC resistant. Monero has come a long way since then proving itself to be a good store of value in face of the volatility that’s been seen in the cryptocurrency space.
Monero had its first major bull run where it went from $1 to $12 in August, 2016 when the deep web market AlphaBay decided to accept it. It has seen a steady growth since then to $50 up until this week where it has shot up to a high of $148 after settling in the $130 range. The most recent surge has been attributed to it being listed in the largest Korean cryptocurrency exchange Bithumb.
(Also Read: Why Monero Price Increased? )
A 2012 study conducted by James Henry, former chief economist at consultants McKinsey & Co, estimates the wealth stored in offshore havens to be between $21 and $32 trillion. If Monero could tap into even 1% of that value, we would see a meteoric rise in its current market cap of $2 billion.
Monero (XMR) has solid fundamentals, employing battle-tested cybersecurity tech like Ring Signatures and Stealth Addresses along with a wide and engaged community which make this cryptocurrecny a good long-term hold.
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