Monero has been quite lively as of late. Starting the month of August at $121.92/0.01580760 BTC, Monero dropped off to the monthly lows of $79.24/0.01330030 BTC on the 14th before moving into a series of up-and-down movements. August was closed off at a price of $117.41/0.01669620 BTC in the middle of a run upwards which saw XMR almost double in value from the August 14th lows and peak at $139.56/0.01911650 BTC on September 4th.
The currency has since managed to drop below $100 USD on the 12th before turning on the boosters once again for another positive run which lasted till today. One XMR is currently valued at
$120.03 USD (5.28% rise in the last 24 hours)/0.01839424 BTC (4.59% rise in the last 24 hours). Daily trade volume is sitting at solid 6,915 BTC with HitBTC (24.5%), Bithumb (20%) and Binance (13%) being responsible for the most of it. With a market cap of $1,969,634,167, Monero is the world’s 9th most valuable cryptocurrency at the moment.
“See a good zone for calling in shorts
Expect a pullback movement
Monero is in an ascending wedge , most often such figures are triggered downwards”
Recently we saw a couple of important updates regarding Monero. Satis Group, ICO advising and researching group analyzed the crypto market and determined that Monero has a chance to see its current market cap increased by 38391% in the next 10 years. If this turns out to be true, Monero could potentially reach the price of $18,498 in five years’ time.
“Based on our forecasted growth of targeted markets by cryptoassets and defined share within each peer group, we believe the largest opportunity for cryptoassets will be in store of value markets (which drives substantial upside in particular for XMR and BTC in the above table).”
The 19-page publication analyzes many more cryptocurrencies, their valuations and potentials and is a good read for anyone interested.
We also had an update regarding Kovri, Monero-developed free, decentralized anonymity technology. The technology is based on I2P’s open specifications and uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. The technology was presented during a recent Monero meet up that was held in LA; you can see the full video recording of the presentation here. Speaking of video presentations, the team’s official YouTube channel called Monero Talk released a talk with Monero’s Justin Ehrenhofer (aka @SamsungGalaxyPlayer) titled “Ring Signatures and more with Justin Ehrenhofer”. Topics like ring signatures, crypto fungibility, privacy and many more were addressed during this hour and a half long conversation.
Monero-connected X-Wallet project recently released a v1.7 version of its software. This iOS-based wallet takes pride in allowing “no privacy leaks through exchange integrations, no sockpuppets, no parties, no tokens, no bullshit” and its latest version allows users to use your Apple Watch + 6 digit PIN to secure the wallet with 2FA. You can also display your Monero receiving address as a QR code on your Apple Watch, so you can walk around getting paid all day.
In other updates, the project plans to hold a couple of meet ups/talks in the month of September. Sarang Noether from the Monero Research Lab and Diego “rehar” Salazar will both be speaking at Discover Blockchains in Houston on the 16th of September. There is also a Monero meet up planned by xCubicle that will be held in NYC on the 27th of September. Special guests include the Cake Wallet IOS Monero Wallet App founder, Monero contributor Diego “rehar” Salazar, and the Monero Talk podcast hosts.
Overall, Monero’s path towards becoming the dominant privacy coin of the cryptocurrency market seems clearer by the day. The coin’s technology and mandatory privacy surely make Monero one of the safest platforms out there and it will be interesting to see if any competitors manage to catch up with it.