At the start of this year, Monero (XMR) went for around five dollars apiece. Fast-forward 12 months and the coin currently trades for $277, having dipped from highs recorded midweek just shy of the $300 mark. Much of today’s mainstream media coverage of the space is rooted in the incredible rise in price we’ve seen in bitcoin and, to a lesser degree, Litecoin and Ethereum.
As Monero’s 6,000% 12-month appreciation illustrates, however, these mainstream coins aren’t the only ones that have produced supranormal returns for early investors.
So what’s behind the action in this relatively under the radar token and what can we expect next?
Let’s try and answer those questions.
For anybody new to Monero, the coin is very similar in concept to something like bitcoin or Litecoin but, at the same time, it’s designed in such a way so as to promote a considerable degree of security and anonymity. It’s based on a protocol called CryptoNote which essentially ensures its untraceability, whoever is spending it or receiving it and – at the same time – whoever is trying to follow the coins from one place to another.
There are a couple of reasons why this one is gaining strength right now.
First, it has garnered a very large community of followers, both in terms of your everyday cryptocurrency population and, in addition, some of the biggest names in both this sector and the mainstream security space.
One of these individuals that’s noteworthy is John McAfee, cybersecurity entrepreneur and current CEO of publicly traded MGT Capital Investments Inc. (OTCMKTS: MGTI). McAfee went on record as stating that Monero has the potential to challenge bitcoin as a leading cryptocurrency and, while this seems like an outlandish statement right now, McAfee has proved many wrong in the space already and it would be foolish to write him off, whatever he’s predicting.
So, outside of a McAfee validation, we are also seeing some mainstream commercial interest in Monero and this is, once again, serving to buoy sentiment towards the token.
Specifically, and as per the most recent development for the company and its coin, news hit press this week that more than 40 top recording artists, including Slayer, Weezer, G-Eazy, Sia and Fallout Boy (among others) are now offering their records in return for Monero as a payment method. Notably, Mariah Carey (who is especially big at this time of year) is offering a 15% discount on her website to anybody that pays with Monero.
The arrangement came together as part of what is being referred to as Project Coral Reef and is really one of the first times we’ve seen a large-scale adoption of this type of technology in the music industry; we’ve seen single artists do a similar sort of thing but there are no examples of more than 40 artists coming together, and especially of this caliber, to accept one particular coin.
So what’s next?
Security and anonymity is very high on people’s lists of priorities right now and is becoming increasingly so in the wake of things like the Equifax Inc. (NYSE:EFX) data breach earlier this year.
Coins like Monero offer a simple solution to these concerns and, right now, it’s the coin that is at the top of the list from a privacy perspective.
For us, this suggests that there is still a long way to go in terms of upside potential as the company and its coin grow to satiate the ever-increasing market and consumer demand for exactly the product it’s offering.
Keep in mind that we may see a near term correction (a little deeper than the one that just took place) but, in line with this, any correction could be an opportunity to pick up some cheap coins.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Monero.org
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…