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Monero [XMR]’s performance exceeds expectations – 14% hike in the past 24 hours

Laira Rebecca

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Monero [XMR]'s performance exceeds expectations - 14% hike in the past 24 hours
Source: Pixabay

While the cryptocurrency market is constantly showing high volatility, the prices of various coins which were on the bearish side have been gaining the momentum back. On 24th June, Bitcoin [BTC], was trading at its monthly low of $5826 has bounced back to $6167 today. This has slightly driven the market to a negligible bullish side in the past 24 hours.

Monero [XMR], which is renowned as the “privacy coin” of the cryptocurrency market was constantly being observed for its poor performance since the last week of May. During the first week of May, the coin was comfortably trading at $253, however, a bearish trend was observed during the second week. By mid-June, it dropped to as low as $114.

A Redditor named BitNobility says:

“Simply normal consolidation that occurs in all financial markets. Once it is over Monero will trend up.”

At the time of writing, Monero [XMR] is trading at $124.83 with a market capitalization of $2.02 billion. The coin is currently trending at the 13th position with a significant 14.54% increase in the past 24 hours. XMR is also showing a green mark in the past 7 days with a gain of 2.65% in its price.

Past 24-hours chart of XMR

Past 24-hours chart of XMR

A Monero proponent on Reddit says:

“Probably hopium, but I see this bitcoin crash just a consequence of the million worthless alts that people have to sell to bitcoin and cash out. We know those people aren’t going to buy the real thing but instead pack their packs and leave. XMR hasn’t decliner nearly as much, so it makes sense the real deals get back in track soon. Today is a good day.”

A Cryptocurrency enthusiast on Twitter says:



“XMR to the moon!! #HODL!”

A Redditor named Giant_mutton says:

“Have faith, great tech and community”

The coin was also listed as one of the most controversial coins due to its poor performance throughout the month. Amidst this bearish pull, on 21st June, XMR was added to the trading list of a cryptocurrency wallet named Edge. Also, last week, the Monero team released an update on its open source wallet called Monerujo. This update has been termed as “Maximum Nacho” which has eliminated the existing bugs from the code.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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