Monero Price Just Pierced $100: Here’s What’s Fueling This Record Rally
Monero Price set a new record on Friday, which for the first time in its three-year history left the $ 100 threshold. Another important milestone for this privacy focused Monero was marked, which is still running a long bull, starting with the acceptance of Alfa Alba Albare of the Glennet Market as a payment in August 2016.
1-Year XMR Price Chart from CoinMarketCap
Like all coins, XMR has benefited from normal fluctuations in the market, but it has been managed to increase its value against Vitakkon, its biggest trading pair
A year ago, Monero was just $ 4.10. It broke 10 dollars in December and doubled to $ 20 by March. When markets began to become wild in April, May and June, the price of XMR was spun through $ 50. The decline in market has reduced the price of Monero to mid-July to $ 30, but there has been a resurgence in August.
During the first three weeks of the month, Monero explored the extensive market movement as well as increasing on August 21 to $ 54. However, it broke off from the pack on 21st August, moving upwards of $ 90 in less than 24 hours.
Bithumb Listing Raises Monero Price to $100
7-Day XMR Price Chart from CoinMarketCap
This rapidly advancing primary impact factor was the fact that Bithumb, the world's highest cryptocycurrency exchange, had decided to list Monero on its platform. This step enables Monroe to break into attractive South Korean markets and gives XMR its first KRW trading pair.
On August 25, Bithumb started accepting XMR deposits, and the price of Monroe reached a new high of all new time of $ 101.
Other factors
The main factor affecting the XMR value movement is the Bithumb list, but there are two other factors that can strengthen the coin rally. Firstly, Hong Kong-based Localmonero.co launched to provide the community with a peer-to-peer exchange platform similar to the local Bitcoins.com.
Second, this week's news broke that the US Internal Revenue Service 2015 is contracting with the Blockchain Analysis firm to track and land the American residents, which they believe are not paying taxes on bitcoin income Or are using bitcoins to hide the property from the government. Such news can often run privacy-awareness towards nanomite-oriented Altcoins like Monero, Dash and Zcash.
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Thank you !
Nice one...
Monero an altcoin to invest in
yup it is.
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Are more retailers starting to accept Monero or is this a privacy strategy play for diversification as an investment? I think it's a great coin, but hope this isn't a hype play where the utility/adoption of the coin or its technology hasn't fundamentally changed.
Interesting thread. I was about to post a similair thread. The current total market cap of all cryptos might seem high but blockchain is here to stay and will involve all our lives. I do see a bright future for everyone that's hold's their coins with a long term vision. Besides coinmarketcap.com there is: https://www.coincheckup.com This site is really helpful in my coin research. I don't know any other sites with so much indepth analysis. See: https://www.coincheckup.com/coins/Monero#analysis To see the: Monero Research report