Monero (XMR) Turns Bullish To Outperform BTC Amid Volatile Spree

News / 03.04.2020
  • XRM has outpaced bitcoin’s gains over the last week and is still rocketing higher
  • The 12th ranked crypto on CoinMarketCap is up by over 6% over the last 24-hour trading period and is currently trading at $53.94 
  • Experts across the crypto world share their opinion on why XRM is set to surge even higher in the coming weeks

Amidst the ongoing world economic crisis, one thing crypto investors look for is digital assets that can stand the test of time. A massive sell-off ripped the crypto market off billions of dollars in losses over the past weeks, leaving most people to wonder if things will get better for the crypto market prices to recover.

There is no reason to think that the market prices will not fully recover, or this crisis will even bring the crypto market to an unfortunate end. However, choosing the right altcoin is vital to your successful holding journey in the crypto space. Here is a look at the surprising upsurge of Monero (XRM). 

Monero On An Impressive Bullish Run

The privacy-focused token XMR, currently ranked as the 12th with a total value of just below $1 billion, has gained nearly 9.75% in the past week, beating BTC’s gains over the same period. 

Monero, which masks the identity of users better than the likes of BTC, is up by over 6% over the last 24-hour trading period and is currently trading at $53.94 at the time of writing. 

While it is unclear why the XRM token is performing excellently in this week’s trading, some speculate that this could be due to improved privacy designs in its blockchain. 

Monero developers just launched a much-anticipated update to its Carbon Chameleon software, with the main aim of improving transaction execution. The most significant changes were implemented into the operations within the Tor and I2P anonymous networks. Both are privacy protocols that are currently functioning above the Internet.

Monero and privacy coins have recently gained support from some high profile figures in the tech and crypto industry.

“I think we’ll also see privacy integrated into one of the dominant chains in the 2020s,” Coinbase’s chief executive Brian Armstrong wrote in a blog post back in January.

Experts’ Opinion On Why XMR Price Will Rise Further

The coin recently received a major boost from Peter Todd, a reputable Bitcoin Core developer, who emphasized that he prefers Monero over other digital currencies since it is genuine crypto built on some real development work. He added that part of the appeal for XRM is that it provides better security and privacy solutions.

John McAfee also gave a positive prediction regarding Monero in a tweet on March 30th. While he did not give a precise XRM price prediction, he remarked that the platform has the potential to challenge BTC as a leading digital token. 

Similarly, Riccardo Spagni, a core developer of XRM, explained that the digital currency was under ongoing development to protect the user’s confidentiality. The newly rolled out Carbon Chameleon software has led to the widespread use of the token that may well see XRM’s price surge significantly in the future.

Featured image courtesy of Shutterstock. 

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.