Cryptocurrency markets are always good for some degree of speculation. Although there is a very strong focus on the top 5 cryptocurrencies right now, it seems the big surprise of the day is none other than Monero. For some unknown reason, the anonymity-oriented cryptocurrency has risen over 14% in value these past 24 hours. That is rather remarkable, although there could be many different reasons for this sudden price movement.
Monero Price Surpasses US$45 Once Again
There have always been a few cryptocurrencies which focus on the features Bitcoin can’t provide. Both privacy and anonymity are two traits often associated with Bitcoin, yet wrongfully so. The world’s leading cryptocurrency is pseudonymous, but offers no privacy or anonymity traits to speak of. While some people see this as a weakness, it is evident Bitcoin is designed with these “flaws” in mind.
Those who require more privacy and anonymity must look into different cryptocurrencies to achieve that goal. Ethereum, Litecoin, and Ripple will not get you very far either. There are only two currencies in the top 10 which provide such features: Dash and Monero. However, Monero seems to have a leg up over Dash when it comes to anonymity, which is the aspect the vast majority of community members desire the most. It is highly worth your time to check out the Monero website to see how its anonymity is achieved.
It is safe to say these are rather interesting times for anyone who values privacy and anonymity in the cryptocurrency world. Two major darknet markets have been shut down, both of which used Bitcoin as their main currency. BitMixer is also on the way out, as its operator had a sudden change of heart and feels “other currencies” are better suited to use for anonymity reasons. Monero now has a legitimate chance of overtaking Bitcoin in this regard, as people will have a tough time finding a trustworthy mixing service.
Whether or not this has had an effect on the Monero price is anybody’s guess right now. No one can deny the alternative cryptocurrency is on the rise as we speak. With a 14% gain in 24 hours, things are looking quite promising for all XMR holders. Anyone who has been keeping an eye on the Monero price will certainly be happy with the way things are going right now. It is always interesting to see such sudden price increases coming out of the blue.
The bigger question is what is driving this sudden demand for Monero. One could argue that with a price of US$45.88 compared to Dash’s value of US$198.18, Monero was due for a massive correction sooner or later. After all, some people have felt Monero has far better technology compared to Dash. Then again, the latter cryptocurrency recently saw its iOS wallet finally approved by Apple and is currently riding the momentum of that news. It will be quite interesting to keep a close eye on both currencies; that much is evident.
It appears the majority of XMR trading volume originates from Poloniex. With both Bitcoin and Ethereum showing signs of sideways momentum, other currencies could see gains over the next few years. With a Monero price of US$46.09 at the time of writing, reaching the US$50 mark is not entirely impossible if its volume keeps up. Right now, there is just over US$30M in 24-hour volume, which is still pretty small. The Monero price will be on many people’s radar today if this trend keeps up.
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