When glancing over the cryptocurrency market caps, one has to look beyond Bitcoin, Ethereum, and Bitcoin Cash. In fact, it appears some of the major action is taking place beyond the top 10, as Monero is undergoing a massive bull run right now. With the Monero price going up by as much as 51.1%, it is evident good things are on the horizon for this currency. Its market cap also surpassed the US $1 billion mark for the first time in history, which means things are looking quite good for this altcoin right now.
Monero Price Explodes Suddenly
It has to be said that very few people seem to pay attention to the Monero price until big things happen. It is certainly true that the Monero team isn’t focusing a lot of attention on marketing, as they don’t want to create hype for something that isn’t necessarily there. More often than not, we see alternative currencies gain substantial value based on hype and press releases published in mainstream media outlets. That will never be the case for Monero, yet the approach seemingly works out just fine.
Keeping this information in mind, one can certainly make the argument that the Monero price has been undervalued for quite some time now. There is absolutely nothing wrong with the developers’ work so far, as they are effectively providing anonymity features to cryptocurrency users. Their technology has been documented multiple times and keeps improving every single year. In fact, a recent developer meetup showed some big changes could be coming to Monero in the very near future.
More specifically, it seems there will be no further work on the RingCT 2.0 group as previously indicated, due to the trusted setup required to make this venture a success. However, there are other proposals to further improve Monero by using sublinear ring signatures and CT. As a result, the ring size of Monero transactions could be greatly increased, although its effective range has yet to be determined. While taking this route will result in reworking MultiSig for Monero, it seems the developers aren’t too bothered by the prospect of making some changes moving forward.
There is other good news influencing the Monero price as well. It appears a new Android wallet for XMR is currently in the works, which goes by the name of Monejuro. For the time being, this Android wallet works just fine, but it is not yet possible to spend XMR on the mainnet. It is also only compatible with armv7 32-bit, but that may be improved upon in the future as well. It is good to see more Monero wallets for mobile devices come to market, even though Monejuro is still in the early stages of development by the looks of things.
Additionally, Monero may be making its way to the Korean Bithumb exchange very soon. A blog post released by the exchange indicated an XMR trading pair against the Korean Won would be added on August 23. At that time, XMR deposits will be opened, with the actual trading market listing taking place on the 25th and trading beginning the day after. These are all quite exciting events that will likely elevate Monero to new heights. Right now, the Monero price sits around US$79, although there is no reason why it should be worth less than currencies such as Dash.
All things considered, good news is coming to the Monero community as a whole. The upcoming technical developments combined with the Bithumb listing and the new Android wallet all indicate this ecosystem will continue to grow for quite some time. Monero should never be overlooked by cryptocurrency enthusiasts, as the ecosystem has a lot more to offer than most people realize. This may very well be only the beginning of achieving truly anonymous cryptocurrencies. Only time will tell how things evolve, but for now, things are looking quite good for Monero.