Why is Monero (XMR) crypto rising?

July 12, 2022 01:03 AM AEST | By Rupam Roy
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  • The Monero network provides anonymity during transactions.
  • The XMR coin can be traded on the Binance crypto exchange.
  • It returned over 8% gains in the last seven days.

The Monero (XMR) crypto gained more than 5%, with a 135% jump in trading volume in the trailing last 24 hours to Monday morning. XMR is ranked 27th based on its market capitalization, as per Coinmarketcap.com.

What is Monero (XMR) crypto?

The project, launched in 2014, can hide the identities of the sender or the recipient of the money. Although Bitcoin (BTC) is commonly thought to provide complete anonymity, it is not often the case. It is found that transaction history can be traced back to the source as blockchains are transparent. However, Monero can conceal it by using advanced cryptography.

Monero claims that privacy and security are its main priority. It also provides an easy-to-use interface and fast transaction for efficiency.

Five of the seven project developers reportedly remain anonymous. It is also believed that Monero is the brainchild of Bitcoin’s (BTC) pseudonymous inventor Satoshi Nakamoto. The token can be traded only on the Binance exchange as it is a privacy-focused coin.

On April 20, Monero announced to conduct a network upgrade on July 16, 2022, and it could be one of the reasons for the token’s growing traction. On July 7, it announced that users can now store XMR tokens on the Trezon Monero Wallet through Trezor Bridge in Exodus.

Monero (XMR) crypto price and performanceImage Source: ©Kalkine Media®; © Moose Photos via Canva.com

Bottom line:

The XMR coin was priced at US$130.35 at 10:14 am ET on July 11, up 5.25%, while its volume for the trailing 24 hours skyrocketed 135.72% to US$163.63 million. It has a market cap of US$2.36 billion, and its fully-diluted market cap is over US$2.37 billion.

The token's total and current circulating supply is around 18.14 million. It returned gains of 8.41% in the last seven days.

The crypto saw the highest price of US$166.77 and the lowest price of US$97.23 in the last 30 days.

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