Bitcoin

This Is Why Monero (XMR) Is Going To Keep Running

Published

6 years ago

December 7, 2017

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.

Monero Chart

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.

We will be updating our subscribers as soon as we know more. For the latest on bitcoin, sign up below!

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

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

4 months ago

December 18, 2023

Crispus

Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

4 months ago

December 14, 2023

Crispus

Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

4 months ago

December 6, 2023

Crispus

Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…