The 11th largest cryptocurrency with a market cap of nearly $3.6 billion, Monero, jumped more than 12% over the past 24 hours, rising to a price of $233.74. The privacy-centric currency is now closer to the 10th-placed IOTA which has a market cap of more than $4 billion.
By gaining $1 billion this week, Monero has began the week with a price of $167.78 and a market capitalization of $2.66 billion. The cryptocurrency has recovered the capitalization it gave up over the past month – making the price reach $233 with a market cap of $3.732 billion.
However, experts say that Monero still has a way to go in order to reclaim the price that it had on January 20th – $389 – with a market cap of $6 billion.
What’s interesting is that Monero was among the many cryptocurrencies that helped the market climb to $334 billion this week. While Bitcoin did not measure any specific growth, it was Monero and Ethereum that led the way to new gains.
If you are wondering what made this improvement in terms of price for Monero, there are a couple of factors. The most obvious one, however, is the fact that the cryptocurrency activated its semi-annual hard fork this April 6th, bringing a host of new upgrades. Still, one of the major upgrades threatens to split the network into two competing chains.
Earlier this year, Monero announced its intention to update its instance of the Cryptonight Proof-of-Work (PoW) mining algorithm – in order to prevent mining hardware manufacturers from developing Monero-compatible Application Specific Integrated Circuit (ASIC) miners.
Speaking of, ASIC chips maximize the efficiency to such an extent that mining with GPU miners becomes no longer profitable.
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