With The DAO debacle taking the spotlight for the time being, one would tend to forget there are other cryptocurrencies in circulation which are doing quite well. Not Bitcoin, albeit that one is still bullish. Monero, one of the most anonymity-centric alternative cryptocurrencies in the world today, has surpassed the US$2 value.
Monero is On A Roll
Putting the discussions of “Bitcoin master race” aside for a second, there has always been a demand for more anonymity when it comes to cryptocurrency. Mainstream media wrongfully labels Bitcoin as being anonymous, simple because they do not understand the concept. But that does not mean there are no solutions available to enjoy more anonymity than before.
Several altcoins are focusing their attention on being anonymity- and privacy-centric. DigitalCash is one of those examples, and the coin has been doing well so far. But there is also Monero, an alternative cryptocurrency which is often overlooked by the general cryptocurrency community.
That situation is coming to change, though, as this anonymity-centric cryptocurrency has seen its fair share of success as well. Looking at things from a price point perspective, the value saw a healthy gain. The day opened with a value of $1,74 per XMR, and we are now at US$2.040619. Not too shabby, and a clear sign investors and enthusiasts are looking for more anonymity.
As is always the case, the question becomes where the trading volume is coming from. Poloniex is driving the price upwards, with over US$2,500,000 worth of volume today. Compared to some of the major cryptocurrencies, this volume remains rather small. But there has been a peak in trading ever since June 17th when the trouble started brewing for The DAO and Ethereum.
Albeit Monero can also be exchanged against the Chinese Yuan, there seems to be little demand for this market right now. BTER is the only platform offering this type of trading, according to WCI, which may explain a thing or two. That being said, there is a growing demand for Monero, and it may be a dark horse to keep a close eye on.
Source: WCI
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