What is Monero (XMR) crypto and why is it gaining traction?

As the trading activity has picked up in the cryptocurrency market over the last two days, the prices of some virtual currencies are rising and gaining traction among crypto enthusiasts. At 10 AM EST, Monero (XMR) crypto appeared to have caught the attention of potential investors as its price gained 8.3 per cent, trading at US$ 124.13 per token.

Also Read: SNX crypto price soars 100% & volume rockets over 700%: Here’s why

After dropping significantly over the past two weeks, the valuation of the crypto market is bouncing back, and it was up by 3.9 per cent over the previous day to US$ 942.73 billion.

As the Monero crypto is gaining momentum, let’s find out more about the cryptocurrency in this article.

What is Monero?

Launched in 2014, Monero was built with the simple goal of allowing transactions to be conducted discreetly and anonymously. The XMR is the native token of Monero, and it can be used to hide the identities of both sender and recipient by using powerful cryptography.

A team of seven developers reportedly created Monero, and most remain anonymous. Also, some rumours suggest that the creator of Bitcoin, Satoshi Nakamoto, invented XMR crypto.

Monero aims to achieve the highest amount of decentralization possible, which means that a user does not have to trust anyone else on the Monero network.

As cybersecurity has become crucial, Monero claims that privacy and security are its top priority. As the token sale of the XMR crypto wasn’t held, and no tokens were pre-mined, the circulating supply of the virtual currency is merely 18.1 million.

©2022 Kalkine Media® 

Bottom line

Despite the price surge of Monero crypto, it is difficult to predict what will happen next in the crypto market. Although the market is showing signs of recovery as it has remained extremely volatile throughout the year, investors should remain cautious.

The increase in the price of a particular cryptocurrency shouldn’t be the only factor to be considered before investing. Studying and researching the cryptocurrency project, developments and past performance must be examined.

Also Read: CEL crypto soars 130%: What’s latest on Celsius’s paused withdrawals?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.