Even though there are plenty of cryptocurrency gains to keep an eye on right now, one should never overlook Monero whatsoever. This anonymous cryptocurrency has a loyal following and is renowned for its technical developments which leave all other currencies in the dust. In the past few hours, the Monero price has risen steadily, and a jump to $120 Isn’t entirely out of the question either.
Monero Price Rise is Rather Compelling
It has been a very interesting year for Monero, albeit not necessarily for the reason people might expect. Its association with cryptojacking and malicious mining has been well-documented, although it seems the rest of the community is not too bothered by this development. It is one of the downsides of being an easily mineable currency with regular computer hardware.
In the past 24 hours, the Monero price appears to be on the rise once again. Its value successfully surpassed $110 following a 4.5% gain in USD value and a 4% gain on Bitcoin. This latter part is the most important bit to keep an eye on right now, as Bitcoin is the only currency in the top 10 which is going through a bit of a struggle.
Surprisingly, it seems a lot of people classify Monero in the same category as Litecoin when it comes to the current bullish trend affecting cryptocurrencies. This shows Monero is considered to be a “key” currency in the bigger scheme of things. Following its recent Bulletproofs implementation, it is only normal more people begin paying attention to XMR.
#Monero [#XMR] and #Litecoin [#LTC] rise in the market to show their support for the bull from Ambcrypto – #Altcoins #News #Social #TradingView – Read more at https://t.co/FPaQd72PYn pic.twitter.com/aWqzYPdT1R
— Criptalk (@criptalk_com) November 5, 2018
Additionally, the demand for trading XMR is on the rise on some platforms. While Blockium might not be the biggest trading platform whatsoever, it is a platform where XMR appears to be thriving. That is a positive sign first and foremost, primarily because XMR has always had some liquidity issues when it comes to overall trading volume.
— Blockium.io (@Blockium_io) November 5, 2018
Even though Monero gets a bit of a bad reputation in the mining industry, it is also very approachable. More specifically, InsideCryptoCoins claims XMR is the most profitable to mine using regular computer graphics cards. That means XMR surpasses ZCash, Ethereum, and Ethereum Classic in that department. A very peculiar development, which highlights the potential of XMR moving forward.
Monero #XMR is currently the most profitable coin to mine using GPU units, it’s winning over Ethereum #ETH Ethereum Classic #ETC and Zcash #ZEC since January 2018 👉🏽 https://t.co/eepdp4axyv #Mining #profitability #profit #cryptocurrencies pic.twitter.com/Bt8vr8TiUr
— InsideCryptoCoins.com (@insidecrypto365) November 5, 2018
With all of these developments in place, it will be interesting to see what the future holds for the Monero price. It is well underway to hit $115 in the coming days, although there is still plenty of uneasy market momentum in place. It is good to see the technically-sound crypto projects finally get the attention they deserve, as Monero has a proven track record.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.