Monero is both, a controversial name, as well as a popular cryptocurrency in the markets. Ranked in at #11 by market cap, this privacy-focused cryptocurrency has been making it to the news very frequently. Monero’s privacy-heavy qualities account for both, its popularity as well as its controversy. Here’s a look at how the Monero price performance and market cap have been performing over the recent few days:
Over the past 24 hours, Monero price has risen by 1.15%. The currency started the day at a price of $167 and closed the day at $169. Monero’s market cap went from $2.67 Billion to $2.69 Billion over the 24 hours. The highest point of the day came when Monero reached a high of $172.
While the 24-hour period showed a positive growth for Monero, if you look at the broader, week-long picture, the growth hasn’t been as remarkable. Over the seven-day period, Monero’s price fell from $178.7 to $169. The currency peaked mid-week when prices hit $191. Monero’s market cap over the week declined from $2.83 Billion to $2.69 Billion.
While the week may be full of ups and downs, the future looks good for Monero. The resistance is on a decline and the support level is rising – which is expected to lead Monero prices to a break-out point over the course of the next few weeks. The currency is expected to get more stable over the weeks before it reaches the break out point from where a bull run will begin.
Recently, Monero was in the news over the hard fork that the currency went through. As Bitmain revealed an ASIC miner for Monero, the developers of the currency decided to go through a hard fork to keep it ASIC-proof. However, there were some groups of developers who were unhappy with this and decided to stay away from the fork, resulting in the creation of four new projects: Monero Original, Monero Zero and two projects who claim to be Monero Classic.
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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.