Monero has been among the biggest names when it comes to cryptocurrencies that focus on privacy. The currency has, like other similar currencies, found itself surrounded by various controversies over the years – but continues to be the leading name when it comes to privacy-focused currencies. Monero is currently the 11th largest cryptocurrency by market cap. Let us take a closer look at the recent performance of Monero.
Over the past 24 hours, while most other cryptocurrencies are gaining momentum, Monero went through a slowdown and the prices fluctuated frequently. Monero’s price went down by 0.5% over the day. The currency began trading at a price of $194 and over the next 24 hours, closed the day at $193.10. Monero’s market cap was also affected as it went down from $3.10 Billion to $3.08 Billion – losing $20 Billion over the day.
While the 24 hour trading period wasn’t as good, the week-long performance shows the trend that the currency has been following. Monero started the week at a price of $169 and closed the week aat $193. Over the week, Monero’s market cap surged from $2.6 to $3.0 Billion.
Monero is suffering the impact of the fork that took place last week where the currency decided to fork because of Bitmain’s recent ASIC device which can mine for Monero using ASIC – something which wasn’t possible until now. The currency’s slowdown isn’t expected to last for long and this is indeed a good time to buy Monero as the prices are expected to cross $225-$240 over the next week.
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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.