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.
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It was launched in April this year. According to its website, the coin was created independently of Bitcoin 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.
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.