Monero (XMR) Leads Gainers Among the Top 10 - Monero News, Price Analysis. Saturday, September 15
Monero Cryptocurrency News
Monero Leads Gainers Among the Top 10
Despite the tough times Monero had in the recent past, the coin has managed to gain substantial value over the weekend leading the gainers with other altcoins like LTC and ETH.
Presently XMR is trading at $120.20 having gained 5.39 percent over the past 24 hours. The fortune of the coin has fluctuated from green to dips that saw Monero trade in red after shedding its gains in as little as 4 hours intraday.
The travails of the coin in recent days stem from restrictive measures placed on it by Changelly, one of the most convenient crypto to crypto exchanges in the coin ecosystem. Changelly has recently places restrictions on XMR accounts wanting owners to go through comprehensive KYC and AML processes.
The bullishness of XMR is a reflection of the general trend in the coin market which has seen Bitcoin stabilize above $6,400 in the past several days. Currently trading at $6,547, the market outlook is expressly bullish, at least short-term. This has spurred the confidence of investors and even the perpetually plunging Ethereum seems to have recovered part of its footing trading above $200 for several days after dipping to year low over the past several days.
Monero is Still the Top Privacy Coin
The need for privacy may not be the primary reason for the invention of cryptocurrencies, but that it is a highly desired feature among many in the community is eloquently expressed by the success of most privacy coins as seen with Monero.
The desire for privacy may have been accentuated by the realization of the coin community that Bitcoin, the premier cryptocurrency is not as anonymous as it was initially presumed to be. Bitcoin is at best described as pseudonymous and law enforcement agents, regulators and even blockchain analytic groups can in reality track the public ledger and aggregate transactions made through public keys, tying them to IP addresses. It is just a function of time before such addresses are linked to people.
At other times, the strict enforcement of KYC procedures by exchanges makes it possible to link people to their cryptocurrency wallets.
Monero is the second coin to use CryptoNote Protocol which ensures complete anonymousness of transactions. The first coin to use the protocol was Bytecoin but that digital currency was secretly pre-mined losing the confidence of the community. Monero as the first honest project that utilized the protocol as well as its clever Ring Confidential Transaction makes it the privacy coin to beat.
Monero Still Short Term Bullish
The moving averages are close and are leveling even as the RSI is moving into positive region. How long this is going to last is not certain as the coins has gone up and down in the past couple of days. If the bulls persevere and gather momentum above the break over $120, the next real resistance is located $142 and $150 but a sustained bullish pressure is dependent at this time on fundamental indications as the general market trend goes positive.
In the past 24 hours, XMR traded slightly above $44 million in exchanges with HitBTC, Bithumb, Binance and Bitfinex exchanging 22, 20,12 and 8 percent of the total volume respectively.
XMR/USD Price Chart, Saturday September 15th:
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