It’s April 2nd and the market is looking green thanks to Bitcoin’s bull rally. For Monero (XMR), the 13th largest virtual currency based on market cap, its performance in the past 48 hours can be tied to other things. Among these would be its bullish breakout pattern and listing on Tokenomy, an Indonesian-based exchange.
Monero Features Decentralization, Privacy, and Fungibility
Monero like Bitcoin comes with the aim of giving users control over their funds, however, it puts the icing on the cake. The cryptocurrency is popularly known for its anonymity which ensures that a transaction history can never be traced. Therefore, it is a privacy coin; a feature that has been greatly misused by cybercrime actors.
On April 1, Tokenomy exchange announced the launch of XMR on its platform. According to them, “Monero brings unique value to those seeking completely anonymity.” The exchange was also quick to spot out another notable feature which the digital currency has, and that is its fungibility. The latter ensures that each unit of Monero can be interchanged for another unit of it.
XMR’s Launch on Tokenomy Exchange Impacts on its Price
The launch of XMR on the exchange is believed to have impacted significantly on its price. A closer look at CoinMarketCap’s platform reveals that on April 1, Monero’s market capitalization hit $1 billion and the virtual currency closed at almost $60 after trading around $50 for the entire month of March. As at press time, its price of $65.77 gives it a 12 percent increment in price over the past 24 hours, and a 27 percent hike in comparison to two weeks ago.
It is also worthy to note that technical indicators are also showing positive signals. For starters, the asset is exhibiting a bullish breakout pattern which is totally independent of Bitcoin’s price today. There are expectations that its $65 price tag may not be the last of its kind given the bullish sentiment on its chart.
Hard Fork Targeted at Reducing ASIC Miners’ Network Dominance
XMR’s developer on March 2 also informed that Boron Butterfly, a hard fork was ongoing. The fork was targeted to make the network secure and less resistant to ASIC. Thus, an upgrade came with the promise of reducing the dominance ASIC miners have over the network. Completion of the fork had an impact on the network’s hash rate which confirmed the influence ASIC miners had over it.
Asides Monero, several other digital assets are showing an impressive performance today. Most have been greatly influenced by Bitcoin’s sudden hike given that the asset was trading around $4,100 in the wee hours of the morning. It was able to surge past $5,000 on some cryptocurrency exchanges today and at the moment, it is trading at $4,729.