There is never a dull day in the cryptocurrency world. Not all market moves might make sense at first. In the case of Monero, it has been relatively undervalued for quite some time, and finally shows signs of bucking the Bitcoin trend.
Monero is Thriving for Reasons
Several reasons can be attributed to the ongoing success of Monero as a cryptocurrency.
Not too long ago, we put together a list of recent changes in the ecosystem.
Unlike what most others claim to offer, Monero is properly private and anonymous.
This elevates it to a different level compared to most other cryptocurrencies on the market today.
Additionally, it is one of the few cryptocurrencies with a decent value that can be mined by anyone with any type of computer hardware. Results will vary greatly, of course.
It also seems that more and more law enforcement agencies show a keen interest in this blockchain.
Tracing transactions or deanonymizing users has proven impossible to date.
There are no tools in existence or under development capable of disrupting this situation quo now or in the future.
That also makes it difficult to determine how the global adoption of Monero is progressing, especially in comparison to other crypto assets.
Its role in darknet transactions remains somewhat prominent, despite several marketplaces shutting down as of late.
Interestingly enough, most markets shutting down still use Bitcoin as a primary payment option, allowing for easier deanonymization.
As Monero now becomes the norm, it will be interesting to see how it affects the overall equilibrium.
There are many other use cases for XMR outside of the darknet, but that is how Bitcoin got most of its initial popularity years ago.
Slowly but surely, Monero is approaching a $2 billion market cap again.