The much anticipated market rebound appears to be in the offing for Altcoins if the last 24 hour performance is anything to write home about. It seems the market seemingly bottomless pit is not real and a market recovery is in the offing with Monero (XMR) showing the first signs.
For the last 7 months, Monero has been struggling and the end of the wilderness sojourn. The release of android supported Monerujo wallet seems to have added a spike on the XMR price. XMR users can now access the network through individual nodes without necessarily downloading the entire blockchain.
Unending Monero Controversies
Monero is a privacy coin and has seen a huge price drop in the month of May and has always been in the limelight due to its mining disputation that experts say is unauthorized. Despite the controversy, the coin, the 1.5.9 Maximum Nacho upgrade appears to be the catalyst the coin has been anticipated.
The latest system enhances security, privacy and fungibility which have been an issue. However, the platform has been sued by the Japanese police for the installation of mining software, Coinhive without the consent of the XMR users. The case is set to be heard at the Yokohama District court in the coming months.
Recent Monero (XMR) Price Surge
Despite the controversy around the coin, Monero health appears to be improving after recording a double digit growth in the last 24 hours. The coin is trading at $127.81 after appreciating by 16.30% against the green buck and 11.29% to Bitcoin.
The coin market cap is also on the rise and currently stands at $ 2.07billion and a 24-hour trading volume of $44.87 worth of XMR managed to change hands. The Monerujo seems to be playing a positive role for this open source private coin which saw it move from rank 14 to 12 in three days.
Altcoins have trading in an unsettled zones and the Bithumb hacking has put pressure on SEC to get all Altcoins regulated. This could be a quick fix to instill investor confidence back into the market. Once this is achieved, institutional investors are set to pump in substantial capital to spur growth.
Monero (XMR) getting back to its Former Glory
The Monero community has been working behind the scenes to come up with a better version of their existing wallet. This has been re-designed for a better user management. With a user friendly and easy to navigate wallet interface, the wallet is faster to sync and this could sustain the current XMR price surge.
Monero (XMR) has also been added to the Edge Mobile wallet and this will see the coin being offered alongside Ripple, which got listed a few days ago, Dash Bitcoin, Bitcoin cash and Ethereum. This comes at a time when the US Congress is head over heels targeting privacy coins to determine their efficacy.
We need to remember that Monero and Zcash seek to cover gaps that Bitcoin leaves gapping in the market. With Bitcoin, transactions are traceable while privacy coins including XMR, you can chose to remain private or public during transactions. Not every crypto-user wants their transactions being in the public domain.
With increased interest in privacy coin, this could be a good opportunity for XMR to cut a niche in the market that now it is concentrating on infrastructure development and getting listed on new platforms. With increased route to market campaigns, XMR appears to be gaining tractions and adoptions.