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
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
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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
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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.
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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.
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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.
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