Monero has risen 30% in the past week, what are the main factors behind this upswing?
Monero (XMR), which is rated the largest cryptocurrency with a focus on privacy, has increased by astounding in the past seven days. percent.
Behind the abrupt price hike are an all-time high, Coinbase CEO Brian Armstrong's optimism about anonymous cryptocurrencies and Monero's strong technology that enables real anonymity.
The basics for Monero are strengthening
In the past two years, Monero has become a top ten cryptocurrency, overtaking Cardano (ADA) and Stellar (XLM). Monero is still one of the few cryptocurrencies that offer complete anonymity that cannot be understood by blockchain analytics companies. Companies like Chainalysis have developed technologies that target Monero, but have so far been unsuccessful. Kimberly Grauer of Chainalysis said in a seminar in January 2019 that Monero would remain the team's top priority for years to come.
21 / “@monero is our top priority “
– nopara 73 (@nopara 73) 31. January 2019
Unlike competing private cryptocurrencies like Zcash, Monero does not offer an alternative way to process non-private transactions. All payments on the network are anonymous and fully encrypted. Monero's robust technology and anonymity along with increasing hash rate and user activity have positioned Monero for further growth.
In an official Coinbase blog post, Armstrong, who runs the largest crypto exchange in the U.S., said a blockchain network with data protection features will become mainstream this decade.
Why XMR has the best chance of success
As Europol's strategic analyst Jerek Jakubcek said in a webinar, Monero transactions are incomprehensible. It remains the only cryptocurrency that is repeatedly described by both the authorities and blockchain analytics companies as untraceable.
It remains to be seen whether complete anonymity is the driving factor for success or destruction. At the time of launch, Zcash was very optimistic because it allowed users and exchanges to choose between private and non-private transactions, but the gap between Monero's and Zcash's valuation shows that Monero's market versus other top private cryptocurrencies prefers.
Complete anonymity means that XMR offers users what no other cryptocurrency in the global market can really offer. It also means that it is under pressure from the authorities, as shown by XMR's delisting from the cryptocurrency exchanges in Japan.
Text proof: cryptoslate