Is Monero worth the investment in the cryptocurrency market? Let’s find out
When an opportunity presents itself in the cryptocurrency market, you best take it. And that’s the case with Monero right now. Initially known as BitMonero, Monero was launched in 2014 as a split from Bytecoin that was launched in 2012. Monero prides itself on being secure, private, and decentralized. Unlike Bitcoin where transactions can be traced back to the concerned person, Monero uses advanced cryptography that hides the identities of the parties involved. XMR is the crypto coin that runs on the Monero blockchain. It uses the same proof-of-work algorithm as Bitcoin.
What do the numbers say?
Between April 2020 and April 2021, XRM saw more than 5.8 million transactions at an average of 16,000 transactions per day (according to the data on its website). This is a steep rise from 2.8 million transactions that took place between April 2019 and April 2020. At present, XRM is accepted by a couple of payment gateways like CryptAPI, CoinPayments, and NOWpayments.
At the start of 2021, XMR crossed its all-time high of US$495.84 to reach the US$517.62 mark. Currently, Monero is trading at a value of US$269.64 (at the time of writing). On CoinMarketCap, this cryptocurrency is ranked 26 with a market cap of US$4 billion.