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The virtual currency has reached the highest level in its history, owing to the sharp growth in trading volume and an expected launch on Bithumb.
Monero (XMR) has showed tremendous growth, rising by more than 80% today’s morning. The value of the digital currency reached its maximum of $95.08 per coin at 09:09 UTC , while its market capitalization exceeded $1 billion for the first time.
According to CoinMarketCap, the digital currency is currently valued at $73 per coin, whilst its market cap is estimated at over $1 billion.
Introduced in 2014, the digital currency is used to buy goods and services online and to transfer funds digitally. Unlike other cryptocurrencies, monero was designed to be more private, so it is completely anonymous and virtually untraceable. Furthermore, it lets users to undertake private transactions whenever they want.
This, however, makes it a perfect currency for illicit trading. Last year, the dark web black market Alphabay enabled users to accept payments in monero as an alternative to bitcoin.
Still, the growth is not only due to its privacy issues. One of the leading South Korean cryptocurrency exchanges Bithumb has recently announced plans to launch monero trading, what has possibly driven the growth of its price. According to the company, it will enable XMR deposits on August 23, while the actual trading will start on August 26.
Another reason that has likely influenced price changes is a recent developer meetup which showed that some technology improvements may be introduced soon. Besides, a new Android mobile wallet for Monero is now under development. Called Monejuro, the wallet is only compatible with armv7 32-bit, but that may be enhanced in the near future.
In the meantime, the price of bitcoin continues to be relatively stable, with its price now hovering at the $4,000 level. This follows a period of rapid growth that saw a number of all-time highs it achieved last week. At the time of writing, the value of the digital currency stands at $4029, according to data from CoinMarketCap.
Every time a value records a sharp increase, it is followed by a downside, so bitcoin is not an exception. However, taking into account its steady growth throughout the year, it is likely to be a temporary decrease before even bigger gains. Some experts predict bitcoin will be worth $10,000 in the near future, while others forecast an increase to $100,000 in the upcoming years.
Bitcoin Cash, the world’s third largest digital currency, has lost in value and is now trading at $622, as CoinMarketCap shows. The price of the new cryptocurrency demonstrated huge growth over the last weekend, climbing past $900 on Saturday.