Could Monero take over Bitcoin's place as the cryptocurrency of choice for buying drugs online?
With all the recent focus by both cyber security firms and established mainstream Bitcoin firms on fighting anonymity on the Bitcoin Blockchain it is no surprise that more libertarian solutions have emerged. Currently benefiting the most from this trend is the cryptocurrency Monero (XMR) that is enjoying unprecedented growth in value.
Monero is now traded at around $9.5 (0.0164 BTC) giving it's overall circulation a total market capitalization of over $120 million. This puts Monero in the top five most valuable Cryptocurrencies, shooting past the social media token Steem at $115 million and just behind the original altcoin Litecoin at $180 million.
Supporting the recent rise of Monero are exceptionally high trading volumes - at about $55 million in trades a day - well above Ethereum, Litecoin and any other altcoin. The interest started after a couple of darknet websites announced support for the cryptocurrency last week, most notably among those - Alphabay Market - a clandestine shop operating on the Tor network best known for acquiring illegal drugs, stolen Uber accounts and similar products.
Since than Monero's price advanced around 220% in just seven days, of which about 20% was in the last twenty-four hours alone. It needs to be said that no one knows the holdings, positions and intentions of those who stand behind these darknet websites and therefore what is their angle here. There are other more established privacy-focused cryptocurrencies, such as Dash, which they could have adopted before promoting a lesser known alternative. Obviously we will only know if it is another pump and dump scheme if they start selling their XMR wholesale, crashing the price.
Charles Hayter, the CEO of CryptoCompare.com, commented: "Monero's innovative privacy features give it an edge in the dark markets where anonymity is of paramount importance. Dark markets adopting it as a payment mechanism give it utility and a nod of approval. Monero's rise will be a headache for regulators and law enforcement the world over."
With all the recent focus by both cyber security firms and established mainstream Bitcoin firms on fighting anonymity on the Bitcoin Blockchain it is no surprise that more libertarian solutions have emerged. Currently benefiting the most from this trend is the cryptocurrency Monero (XMR) that is enjoying unprecedented growth in value.
Monero is now traded at around $9.5 (0.0164 BTC) giving it's overall circulation a total market capitalization of over $120 million. This puts Monero in the top five most valuable Cryptocurrencies, shooting past the social media token Steem at $115 million and just behind the original altcoin Litecoin at $180 million.
Supporting the recent rise of Monero are exceptionally high trading volumes - at about $55 million in trades a day - well above Ethereum, Litecoin and any other altcoin. The interest started after a couple of darknet websites announced support for the cryptocurrency last week, most notably among those - Alphabay Market - a clandestine shop operating on the Tor network best known for acquiring illegal drugs, stolen Uber accounts and similar products.
Since than Monero's price advanced around 220% in just seven days, of which about 20% was in the last twenty-four hours alone. It needs to be said that no one knows the holdings, positions and intentions of those who stand behind these darknet websites and therefore what is their angle here. There are other more established privacy-focused cryptocurrencies, such as Dash, which they could have adopted before promoting a lesser known alternative. Obviously we will only know if it is another pump and dump scheme if they start selling their XMR wholesale, crashing the price.
Charles Hayter, the CEO of CryptoCompare.com, commented: "Monero's innovative privacy features give it an edge in the dark markets where anonymity is of paramount importance. Dark markets adopting it as a payment mechanism give it utility and a nod of approval. Monero's rise will be a headache for regulators and law enforcement the world over."
Strike's Expansion into Europe Accelerates Bitcoin Adoption
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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