Monero is among one of the biggest names in the cryptocurrency markets when it comes to privacy-focused cryptocurrencies. Monero has been around for quite some time now and has an active community of users and developers backing it. The currency has constantly been in the news – for reasons right or wrong. However, despite all the ups and downs, Monero has constantly been a part of the top 20 cryptocurrencies in the markets for a long time now.
Privacy-focused Monero continues to make the news as a recent fork resulted in the generation of four new Monero projects. The currency decided to for the fork to ensure that it remains ASIC-resistant. Let us take a closer look at Monero’s price performance over the past 24 hours and over the past week – as well as a look at where the currency is likely to be heading in the days to follow.
Over the past 24 hours, Monero has dropped almost by a negligible amount. The currency started the day at a price of $168.8 and closed the day at $168.2. The currency was on a slow decline over the first half of the day, but a little while after the fork’s success, Monero price began to grow again – closing the day at pretty much the same price it opened up at.
If you look at the larger picture – the seven day trade period, Monero’s price went from $172 to $168. Over the week, the highest price point that Monero was able to achieve was that of $190 on 4th of April. Monero's market cap went from $2.73 Billion to $2.65 Billion – a loss of $100 Million over the week.
Monero, with its market cap currently evaluated at $2.6 Billion, stands in at the #11 position in the list of cryptocurrencies by market cap. Following the hard fork, however, while the Monero community rejoices that they have ensured that they remain ASIC proof, the creation of four new Monero projects is likely to have an impact on the prices of the main XMR cryptocurrency – which may fall over the next few days.
This is a risky trade situation for Monero – and buying XMR is not recommended at the moment due to the uncertainty that shrouds the future of the Monero cryptocurrency as well as the community following the fork. It would be best advised to observe the markets for the next few days before investing in 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.