Monero, the privacy-focused cryptocurrency is perhaps the most popular names in the markets when it comes to currencies which are high on anonymity. While it has been under fire lately for being used by members of the darknet for making illegal transactions, as well as for being the currency which is usually mined by cryptojackers, Monero's popularity continues to rise and the currency has an active community of followers who support Monero. Monero prices have been going through a number of ups and downs, but compared to many other currencies in the markets, Monero has had a rather satisfactory performance recently.
Over the past 24 hours, Monero prices have surged by almost 2%. This growth doesn't seem much, but when you take a look at the recent performance of the markets, Monero has been quite impressive, even with this small growth. It appears that after the mid-week bloodbath, a late recovery has begun for this privacy-focused cryptocurrency. Monero started off the 24 hour period at a price of $177 and a market cap of $2.81 Billion. From there, the currency has progressed to $180 and a market cap of $2.86 Billion, earning $50 Million over the day.The lowest point of the day came when Monero price hit $171 – but it managed to bounce back from there to close the day by $9 higher. The currency briefly peaked at $181.
If you look at the larger picture though, Monero has had a disappointing week. The currency started the week at a price of $206 and with a market capitalization of $3.26 Billion. From there, Monero price fell by $26 to close the week at $180. The market cap too took a hit over the week as it fell from $3.26 Billion to $2.86 Billion – losing almost $400 Million over the week. Nevertheless, it was still a better performance than many other cryptocurrencies this week.
While Monero price may have taken a hit over the week, it is all set to rise from this point on. The currency has reached a point where the bullish investors have found the perfect opportunity. Now that a recovery has begun and the prices are already up by 2%, Monero is expected to take the leap and a growth rally is expected shortly. This is the perfect opportunity for anyone looking forward to invest into Monero!
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.