On Monday, the Monero (XMR) crypto was up 5.01 reaching the $132.66 level, with the overall market down 2.86%. The XMR coin also made a 135% profit in trading volume, coming up at number 27 as the most traded crypto according to Coinmarketcap.com. Why is Monero (XMR) rising and what’s next to come for the bullish XMR coin?
What is Monero (XMR)?
Monero (XMR) was first launched in 2014. It is the first-ever privacy-focused network designed to hide senders’ and recipients’ sensitive information, such as their identities. Based on a CryptoNode transaction protocol, Monero (XMR) focuses on eliminating the most dangerous bottleneck of cryptocurrencies – their traceability.
With first-gen cryptocurrencies, transaction history might be traced back on the open-source blockchain. Monero (XMR), in turn, makes it so the source is concealed.
Why is Monero (XMR) up?
InvestorsObserver gave Monero (XMR) a bullish rating according to the website’s sentiment score. This is due to the fact that the XMR coin has been trading higher than its overall performance over the past few weeks. According to the Monero (XMR) community, on April 20th, the blockchain announced a network update to be performed on July 16, which could play a significant role in the XMR coin’s current bullish traction.
While it is still unclear whether Monero (XMR) will continue to grow, it is important to consider all risks associated with investing in volatile cryptocurrencies.
How does Monero (XMR) crypto guarantee blockchain privacy?
The Monero (XMR) blockchain utilizes Ring Confidential Transactions (Ring CT), ZK-proofs, IP obfuscation, and Stealth addresses to make the transactions untraceable. For instance, Ring CT signs transactions with multi-layered completely anonymous group signatures; whereas Stealth Addresses makes it possible to create one-time addresses for performing transactions.
For Monero (XMR) blockchain, privacy remains the most important issue; however, the network also offers a user-friendly interface, efficient transactions, and other robust features.
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