Record Day for Monero Cryptocurrency. In what has been a day in which bitcoin has reached further record highs having bypassed the $12,000 mark, a lot of the attention has been placed upon the leading digital currency on the market at the moment.
This is why a lot of investors may have missed the news that the Monero digital currency also hit record highs today, having reached the $240 mark for the first time ever.
This is a digital currency that is focused on privacy and looking at charts, it still has a lot of scope to grow.Advertisement
A lot of people may not be aware of what exactly Monero is and what it has to offer, so here is a brief overview.
It is a private and decentralised digital currency meaning that the network of users can use this secure cash system to buy and sell goods and services. All transactions go through a confirmation process whereby the distributed consensus approves them as being legitimate and will then record them on the blockchain. This means that you do not need to be relying on third parties in order to keep your Monero protected.
It is a private network as it utilises ring confidential transactions and ring signatures in order to ensure that all values, destinations and origins of transactions are correct. Essentially, Monero offers everything your standard cryptocurrency does in terms of decentralisation, but they do not make you concede any privacy as a result of this.
Monero itself is untraceable which means that the funds you send or receive will not be linked to a specific user profile or real-life person.
The digital currency had previously hit record highs at around the $210 mark, but smashed past these today, seeing a 19% increase in just the past 24 hours alone.
It has a symbol of XMR and it has been bolstered by a recent announcement that the founder of TechCrunch Michael Arrington as starting a complete crypto-based hedge fund that would be using XMR as its main currency. This confidence no doubt has a part to play in this record price run of Monero.
There were also a lot of positives coming from the crypto expert John McAfee with relation to Monero. He is the inventor of the antivirus and also is the CEO of what is MTGCapital. He was speaking to the press recently when he made a comment that Monero could eventually be good competition in the long run for bitcoin.
On a daily basis, it seems that more news is released showcasing how Monero is entering into the mainstream. Alongside the hedge fund announcement last week, it was announced that a music industry payments scheme was to be put together using Monero.
It was not the only digital currency to see gains alongside bitcoin today, as both litecoin and bitcoin cash made significant gains as well.
There has been a large increase in the trading volume coming out of South Korea which could have played a significant part in these gains. Over the past day, the trading volume for XMR/KRW has increased by 30%.
This is definitely a digital currency to keep your eye on.