Monero hits 1-month high, back above 0.005 BTC

Monero (XMR) has put together a healthy string of gains over the past 10 days, even as the recovery in crypto markets has begun to stall.

XMR earlier cracked the 0.005 BTC ($2.43) mark, its highest level since mid-July. It is now trading at 0.0047.

The recent string of gains, combined with an increasing supply that has not yet imposed inflationary downward pressure on its price, has given Monero a market cap of $7.1 million. It now ranks 11th in cryptocurrency market cap, 7th among mineable currencies. The market cap value is challenging all-time highs last seen in June.

It was launched in April this year. According to its website, the coin was created independently of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term claims superiority to it in several regards.

It seeks to make transactions totally anonymous, a growing trend observed with other altcoins and Bitcoin technologies. It employs a technology called CryptoNote, which uses "ring technology" to sign transactions on behalf of a group. Recipients of funds use disposable, one-time addresses which cannot be linked to determine, for example, a single recipient's total income. Another claimed feature is absolute resistance to double spending, for which Bitcoin is vulnerable during a 51% Attack 51% Attack A 51% attack is an assault on a blockchain network in which a singular entity or organization is able to take control of the majority of the overall hash rate. This is problematic as it can potentially causes a network disruption, whereby granting the attacker enough mining power to modify the ordering of transactions.As its name suggests, a 51% attack surmises that control of over 50% of computing power is hijacked. In extreme situations, the resulting attack could even reverse transactions, po A 51% attack is an assault on a blockchain network in which a singular entity or organization is able to take control of the majority of the overall hash rate. This is problematic as it can potentially causes a network disruption, whereby granting the attacker enough mining power to modify the ordering of transactions.As its name suggests, a 51% attack surmises that control of over 50% of computing power is hijacked. In extreme situations, the resulting attack could even reverse transactions, po Read this Term.

XMR trades against BTC on Poloniex, hitbtc and other exchanges. Its only venue for fiat-based trading is BTER, where it trades against CNY.

There have been no earth-shattering developments of late in support of the price, as confirmed by the gradual rise. According to a discussion on the coin's reddit, the price rise is simply a result of continued development and the achievement of several milestones.