Monero (XMR) Quietly Picking Up Momentum
Altcoins have had an excellent couple of weeks at the end of 2017. With bitcoin slowing down on its astronomical gains towards the end of last year, altcoins picked up the steam and recorded favorable gains. One of them is Monero (XMR).
Wide gain but low attraction
Monero’s XMR began 2017 trading at roughly $10 per coin and ended the year around $350. The cryptocurrency has now excellently started the New Year, reaching a new all-time high of $412.
Monero is known as one of the most private, secure and anonymous coins in the crypto space. Unlike industry leader bitcoin which showcases all its transactions on a public ledger, Monero works the other war and keeps user wallet addresses and transactions are hidden. This feature is the main reason why Monero has been gaining solid growth over the past few weeks.
Why Monero (XMR) could keep going
The first reason why Monero might keep going is the fact that it is wanted. It has become a very popular coin for those who want privacy in their transactions.
The price rose recently after news broke that North Korea has been mining the coin, and stealing it from hacking servers in South Korea.
The high demand for the coin has improved its price action, and there is no apparent reason pointing to the possible dethroning of Monero as the king of anonymity anytime soon.
The second reason is that it is a proven digital currency, with its primary aim being security. The crypto was developed back in 2014, spending the first few years stuck in the shallow end of the price pool, trading below the $1 mark.
Its price movement after that was largely due to the increased popularity of bitcoin as more people started paying attention to cryptocurrencies. When bitcoin got hot, Monero became the next go-to coin.
It now has a status as a proven coin. Even though new cryptos are emerging with the selling point of extra-security and high anonymity, they have always stumbled and encounter problems along the way. They soon realized that achieving high-security and complete anonymity isn’t all that easy
It continues to achieve quietly
Even though it is not a legal currency across the world yet, Monero is being used to purchase items online. It has been able to attract new users with its complete privacy and anonymity features.
At the moment, it is one of the most widely used cryptos in the world for actually buying and selling things.
There are very few things that can stop Monero’s growth at this point, and the future of the dark coin is looking bright. It would be a surprise if it didn’t top at least US$1,000 by the end of the year.
It is safe to say that it isn’t late to buy Monero (XMR) as it still has lots of growth potential.