Monero’s Bubble Pops, Price Plummets As Currency Loses Top Five Ranking
Monero’s price bubble has popped, the value tumbling as investors scramble to get out. Recently the rising star of the cryptocurrency world, the coin’s incredible growth spurt has reversed, causing the price to plummet and the coin to lose its coveted top-five status. The privacy-focused cryptocurrency, with a strong underground following but far from the top ten, experienced a significant price surge this summer, growing in value tenfold over the course of just three months, the vast majority of that over just a few weeks. At its peak, Monero claimed a $170 million market cap, pushing the....
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The popular crypto-currency Monero has increased approximately 200% over the past week as darknet marketplaces have adopted the currency. The cryptocurrency, formerly BitMonero, focuses on privacy and scalability as its two main use-cases. The recent gains bring the Monero market cap to more than $20 million. Monero functions on the proof of work consensus algorithm, similar to Bitcoin. Other alt-coins function using a proof-of-stake, a slightly different model. Innovation initiatives are launched by Monero Research Labs, a group of people which includes core developers. One of the most....
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