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.
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.
Looking to advertise? We will gladly help spread the word about your project, company, or service. CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: email@example.com
The cryptocurrency market continues to grow astronomically as time goes on and it shows no…
There is still tremendous bullish sentiment across nearly all cryptocurrency markets. For DeFi assets, that…
The pandemic has only made us realise how important it is to have investments and…
Yield farming and staking have become arguably one of the most popular ways of earning…