Monero [XMR] is one of the many cryptocurrencies which has been on a decline since the start of the month of May. The coin dropped down to 13th position and has had a bearish week.
XMR is currently ranked at the 13th position in the crypto-rankings. It is priced at $202.04 as of 17th May, with a market cap of $3.24 billion. It has a supply of 16.04 million and an overall volume of $41.22 million. It has had a growth rate of 1.80 over the past day.
XMR had an uphill struggle against Dash last week, which ended up in Dash taking the 12th spot in the crypto-rankings. The coin has declined by 12% in the past 7 days. Even with the addition of the new XMRwallet, the coin has failed to show its potential.
The developers tried to enhance the coin by improving its security features. The coin outperforms most of the coins in terms of privacy features. Monero has features which make the users’ status fully private. It hides the address of the user and makes it impossible to trace the transactions. Monero is therefore known as the most private coin and is really popular in Asian countries like Japan and South Korea.
The developing team at Monero has constant updates to the coin. The other positive sign for the coin is that it can still get back to the 12th spot of the crypto-rankings as its market cap is only 0.8 billion behind Dash.
Joey, a Twitter user says:
“It’s been a rough month for cryptocurrencies when the prices will rise again Monero will retain its position and even reach the top 10 of the cryptocurrencies.”
Jermy, another Twitter user says:
“Fluctuations and prices decreases are common in all markets, once the market returns to normal the coins will return to its normal places except for a few exceptions, its the same thing for the cryptomarket as May happens to be the month where prices are declining, so investors need not freak out.”
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