Overview Of Monero (XRM) Cryptocurrency Exchange Rate

Overview Of Monero (XRM) Cryptocurrency Exchange Rate

By Antareum | Antareum | 18 Jun 2020


The cryptocurrency market has a huge number of assets worthy of attention. One of them is Monero, which appeared relatively recently, but has gained huge popularity among miners. The coin has minimal mining complexity and is completely anonymous, which makes it a universal tool for many operations.

Monero is an asset created on the basis of the CryptoNote Protocol, developed specifically to achieve maximum anonymity of transactions. The coin appeared in April 2014 as a fork of Bytecoin. Immediately after its release, approximately 80 percent of assets were sold, so it was decided to hold a second release. It took place with zero preliminary mining. The anonymity of the asset is even now a problem, as the coin is constantly under pressure from regulators and community representatives themselves. Other popular anonymous cryptocurrencies with a similar purpose are Zcash and Dash, but now their administrations are working on changing the algorithms.

 

Characteristic features of cryptocurrency

Monero was initially positioned for developers, so it was presented with open source code. It operates on the principle of "proof of work". The issue of Monero is not limited, since the asset was issued twice due to its great popularity with investors. The asset is characterized by increased complexity of GPU mining , which means that special equipment is used for block mining.

Monero is completely anonymous.

Anonymity of transactions with the asset is ensured by applying CryptoNote and adding obfuscation to the protocol. System participants can apply the so-called plausible denial in case of problems with the exchange administration. Due to these features, many platforms have started removing an asset from the listing, as they cannot control it even at the basic level.

 

The dynamics of the value

During the first year of its existence, Monero was worth less than a dollar, but in 2016, the growth of the asset began. On December 20, 2017, the coin managed to reach a figure of $ 444, but it almost immediately collapsed, surpassing even Bitcoin in drawdown, which at that time cost almost 20 thousand dollars. The Monero exchange rate changed so quickly that investors gradually began to turn away from it, but again returned to investing in 2018. Then the volatility of the asset was almost twice lower than the Bitcoin instability index. Now Monero is trading at about $ 65.11.

 

Stock quotes

The largest asset quotes are available on the platform Investing.com. The constant turnover of Monero on it is approximately 542 thousand coins. Most often, it is traded with the stablecoin, Tether. Also, traders often work in Monero and Bitcoin trading pairs, but its liquidity has recently decreased due to the removal of cryptocurrency from the listing of many exchanges.

Experts note that the pair of coins with Tether is located on the so-called "ascending triangle". Increased trading volumes indicate the activity of buyers.

 

Currency exchange rates

The largest exchange rate of the coin is currently available on the Poloniex platform. In second place in terms of asset value is Binance, where Monero is trading at the level of 55 dollars. Bittrex closes the top three positions. The trading volume of the asset per day is now approximately $ 135 billion. Over the past week, this indicator fell by about 0.1 percent, which indicates the interest of investors. The exchange rate of the asset also continues to grow for 7 days, following most of the market. Its cost is 55.6 dollars in average terms.

 

Is it worth investing in foreign currency

Investing in Monero has a number of advantages,but there are also negative factors. Among them, it is worth highlighting the absence of any guarantees from the platforms. The coin is completely anonymous, so the platform administration can not control it, so even after hacking the exchange, it will not be responsible for losses.

The main advantages of investing in Monero:

  1. Anonymity of payments.

  2. The absence of taxation.

  3. Lack of state control.

  4. High level of security.

  5. Availability of cryptocurrency.

  6. The ability to both buy and generate coins yourself.

The only significant disadvantage of the asset is its complete anonymity, which forces you to remove Monero from listing on large platforms. Otherwise, the coin fully meets the requirements of any modern investor or trader.

 



Antareum
Antareum

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