Monero

XMR Price

What is Monero (XMR)?

Monero (XMR) is the top privacy-centric cryptocurrency based on the CryptoNote protocol, a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions are  remain 100% unlinkable and untraceable. In an increasingly transparent world, you can see why something like Monero can become so desirable.

Origins of Monero (XMR)

In July of 2012, Bytecoin, the first real life implementation of CryptoNote, was launched. While Bytecoin had promise, people noticed that 80% of the coins were already published. So, it was decided that the bytecoin blockchain will be forked and the new coins in the new chain will be called Bitmonero, which is was then renamed Monero, meaning “coin” in Esperanto language. In this new blockchain, a block will be mined and added every two minutes.

Why Monero (XMR)?

#1: Unlinkability - Your identity is completely private You have complete control over your transactions. You are responsible for your money. Because your identity is private no one will be able to see what you are spending your money on. When you send funds to someone’s public address, what happens is that you actually send the funds to a randomly created brand new one-time destination address.  This means that the public record does not contain any mention that funds were received to the recipient’s public address. In Monero, your public address will never appear in the public record of transactions. Instead, a 'stealth address' is recorded in a way that only you, the recipient, can recognize the incoming funds.

#2: Fungibility Fungibility is interchangeability between one asset and another asset of the same type. Suppose you borrowed $50 from your friend, you can even return the money in the form of 1 $50 bill or 5 $10 bill, It is still fine. This shows that the dollar has fungible properties. However, if you were to borrow someone’s car for the weekend and come back and give them some other car in return, then that person will probably punch on the face. Cars, in this example, are a nonfungible asset.

What is CryptoNote?

CryptoNote is the application layer protocol that fuels various decentralized currencies. While it is similar to the application layer which runs bitcoin in many aspects, there a lot of areas where the two differ from each other. CryptoNote features an entirely new code base and is not a fork of Bitcoin. More info about CryptoNote can be found at their website. 

CryptoNote uses Ring Signatures to conceal sender identities via mixing and it also has unlinkable transactions that is achieved using 1-time keys for each individual payments. Ring signatures enable ‘transaction mixing’ to occur. Transaction mixing means that when funds are sent, the sender randomly chooses several other users’ funds to also appear in the transaction as a possible source of the funds being sent. 

The cryptographical nature of the ring signature means that no one can tell which of the funds were really the source of the transaction – not even the person that gave the funds to the sender in the first place. A system of ‘key images’ associated with each ring signature ensures that although no one can tell the true source of the funds, it can be easily detected if the sender attempts to anonymously send their funds twice. 

Where can you buy Monero?

XMR tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Monero is KuCoin, where the most active trading pair XMR/USDT has a trading volume of $20,937,580.63 in the last 24 hours. Other popular options include HTX and MEXC.

What is the daily trading volume of Monero (XMR)?

The trading volume of Monero (XMR) is $63,563,957.56 in the last 24 hours, representing a 9.00% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Monero (XMR)?

Monero (XMR) reached an all-time high of BTC0.03475 and an all-time low of BTC0.001015. It’s now trading -60.60% below that peak and 98,627.60% above its lowest price.

What is the market cap of Monero (XMR)?

Market capitalization of Monero (XMR) is BTC45,273.5133 and is ranked #33 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of XMR tokens (18 Million tokens are tradable on the market today).

What is the fully diluted valuation of Monero (XMR)?

The fully diluted valuation (FDV) of Monero (XMR) is BTC45,273.5133. This is a statistical representation of the maximum market cap, assuming total number of 18 Million ETH tokens are in circulation today.

How does the price performance of Monero compare against its peers?

With a price increase of 0.70% in the last 7 days, Monero (XMR) is underperforming the global cryptocurrency market which is up 2.40%, while underperforming when compared to similar Smart Contract Platform cryptocurrencies which are up 3.60%.