While the crypto market is enjoying green days this one cryptocurrency is up 75% in the past 20 days while expanding its market and predicted to have an active and bright future ahead.
Privacy coin making substantial gains
Crypto market is having a good time as a majority of the cryptocurrencies are enjoying the greens. However, there is one cryptocurrency that has gained a lot of attention and interest from the investors while seeing price action as well.
At 10th position, Monero is the cryptocurrency which has always been a potential investment choice for investors. Now, it is gaining the attention for a lot of reasons.
For the starters, Monero is a private, secure, and untraceable currency. Reportedly, it remains 100 percent unlinkable and untraceable along with being analysis resistant.
If we take a look at the price of Monero (XMR), at the time of writing, it has been trading at $139.21 with 1.20% gains in the past 24-hours. This cryptocurrency with $2.28 billion market cap has been performing well price-wise.
In mid-August, its lowest point has been at $79.33. This is when bulls came into the market and Monero surged along with other cryptocurrencies. Now, it is up over 75% since that lowest by hitting $140.10 at one point today.
Monero has made a huge upside break that shows interest on the daily chart. However, there is also least resistance to the downside and technical indicators are pointing to a selling pressure. Additionally, a long-term reversal is underway for this cryptocurrency as bulls might, after all, take a breather.
Having said that, positive sentiments towards XMR along with developments can lead the prices higher.
Also, this altcoin is only 70% down from its all-time high (ATH) at $495 while a number of top cryptocurrencies are available at more than 90% discount.
An active & bright future ahead
Monero captured the limelight as a new study by Satis Group shared a bold bullish prediction for this cryptocurrency. The research forecasts $18,000 the level to be hit by XMR in the next 5 years adding “crypto assets which apply unique value propositions within deep and viral markets”. While in 10 years, it is forecasted to rise to $39,500.
The research states in its takeaway,
“Currency and Privacy networks will be the largest beneficiaries, as most fundamental value will stem from store of value use cases.” Further progressing in the report, it mentions, “Not only is XMR far more active in codebase development and resistant to centralized mining efforts, it is fungible.”
This research and price prediction by Satis Group played an integral part in boosting Monero price and interest.
Also, Abra, a crypto exchange and wallet that supports Monero (XMR) along with 27 other cryptos announced that it will now support the Single Euro Payments Area (SEPA) bank accounts.
A payment system, Single Euro Payments Area (SEPA) basically simplifies bank transfers in the EU. It is currently supporting 28 EU members, San Marino, Monaco, Andorra along with four states of the European Free Trade Association (Iceland, Liechtenstein, Norway, and Switzerland).
Managing the risks
Recently, Redditor, Gattacus posted in the Monero community, “Don’t use MEGA Chrome Extension version 3.39.4” where he shared the screenshots of the bad codes in the content, which was later announced by Monero on Twitter:
PSA: The official MEGA extension has been compromised and now includes functionality to steal your Monero: https://t.co/vzWwcM9E5k
— Monero || #xmr (@monero) September 4, 2018
Confirmed that it also extracts private keys if you login to MyMonero and/or MyEtherWallet in a browser with the extension installed. https://t.co/fpVK11zZ9Z
— Ricccarod Andsaskiaspagni (@fluffypony) September 4, 2018
Additionally, Changelly, a crypto exchange was found to have the ability to steal the cryptos from customers. As a user took to Reddit to voice out, the spokesperson of the exchange clarified:
“To all Monero community, our risk management system doesn’t mark all transactions out of the blue.”
“…Monero is the crypto that hides a sender and recipient thus making transactions untraceable. This [is] a reason why big amounts of other currency got to be checked [sic] before [it’s] converted to XMR.”
Additionally, Changelly also clarified that it is not biased to XMR, “We have no mistrust of and prejudice towards users trading XMR. The matter relates to a Know-Your-Customer procedure that we had to implement due to the increased number of money laundering cases via our service.”
Overall, Monero is dominating the crypto market right now with its price performance and attraction from investors.
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Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com