Monero Price Up By 12.39% – Time To Buy Monero Coin?

Given all the bad publicity that has surrounded the privacy-centered digital asset, it has continued to rally. The bulls have returned to the crypto market, and privacy-focused coin Monero is posting double-digit gains. If you are keen on doubling or even tripling your investment, then you should XMR.

However, before taking any such step, we recommend you understand what Monero aims to achieve and why it is the most wanted digital token in the blockchain universe.

Monero: Taking Privacy To The Next Level

The crypto market started with Bitcoin, and several investors look to the digital asset as the benchmark virtual currency in the booming industry.

Aside from its volatility issues, Bitcoin critics have pointed to its propensity to be used by criminals to commit crimes.

However, even though it ensures the privacy of transacting parties, it is also amazingly transparent, meaning all transactions are viewable on the blockchain even though the transacting parties may not be identified with real-world individuals.

The digital asset that takes the privacy feature to the next level is Monero. Launched in 2014, Monero is an open-sourced, privacy-oriented crypto protocol that ensures that all transactions on its blockchain are anonymous. It has become very popular due to it making privacy an implicit feature and not an afterthought.

In the anonymity-enhanced cryptocurrencies (AECs) circle, Monero leads the pack. It intentionally muddles and mixes transaction details to make it difficult for any prying eyes to learn what is going on. It hides the identity of both the sender and receiver and the amount of the transaction by disguising the wallet addresses of users.

In addition, Monero operates an entirely different mining process from most crypto protocols in the crypto market. Working on the principle of egalitarianism where every miner has equal power, Monero uses randomx, an ASIC-resistant proof-of-work (PoW) mining algorithm.

Following on the back of its contrarian approach to rewarding miners for securing the network, this systematic protocol is CPU-friendly, enabling anyone with the computing resources to get block rewards.

XMR powers the Monero blockchain and currently boasts $5.8 billion in market cap.

XMR Rising Despite Continued Probe

XMR has been hard-hit by the bearish months that hung like a cloud over the crypto market for some time.

However, the privacy coin has had to deal with more issues than many others, stemming from its use by cybercriminals. But it has shown resilience and tracked the price movement of more established digital assets like Bitcoin for much of the year.

Its ascent into blockchain began in 2017 when it rallied to $360 in late December and retesting this price action in early 2018 and surging to $405.07. However, this year has seen XMR prices explode. It rallied with the broader crypto market hitting an all-time high (ATH) of $517.62 on May 7.

However, this was the beginning of the crypto market crash, and XMR dipped, with several other crypto assets hitting a two-month low of $183 on July 20 before rebounding.

XMR has been making its ascent again and currently trades at $327.38, up 12.39% in the last 24 hours. This rally has seen several investors keen to buy XMR and add to their portfolio.

XMR Technical And Fundamental Analysis

Turning to its technical performance, XMR is going through bullish motions. It is currently trading above the 20-day moving average (MA) support price of $270.89. This indicates a strong bullish streak and shows XMR may find support at the $300 in the event of a market downturn.

Its relative strength index (RSI) is trading at the overbought region of 75.49, and this shows that several investors are looking to buy XMR.

As we noted earlier, Monero’s privacy feature is being criticized for aiding criminal activities. Following this, law enforcement officials are working to track transactions on the network.

In a continued bid to track transacting activities on the Monero network, popular crypto compliance company CipherTrace recently announced advanced tools for tracing transactions on the Monero network.

These tools will be used by government officials and financial institutions to monitor transactions on Monero and bring bad actors and criminals to book.

Despite what many may see as a bad take on the digital token, market analysts have said that Monero will continue to rise as the months roll by. According to Digital Coin, XMR will rally to $503.52 by the end of the year. Wallet Investor is more conservative in its forecast and says that XMR will trade at $462.466 in a year.