Privacy Coin Monero (XMR) Outperforms Most of the Crypto Market Ahead of Upgrade

Must read

MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security

Its been a rough couple of weeks for the cryptocurrency market. Bitcoin (BTC) price is nowhere near the price estimates of most analysts, multiple...

Do Kwon proposes Terra hard fork to save ecosystem

Terraform Labs will put the proposal up for a governance vote on May 18 Asia time. 4883 Total views ...

Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever....

Bitcoin bulls aim to flip $30K to support, but derivatives data show traders lack confidence

Bitcoin (BTC) bounced 19% from the $25,400 low on May 12, but has investor confidence in the market been restored? Judging by the ascending...

The privacy coin Monero (XMR) is leaving most of the crypto market in the dust.

XMR, the 34th-ranked crypto asset by market cap, is trading at $272.05 at time of writing, up more than 76% in the past two months.

Compared to Bitcoin (BTC), which is up about 7.7% over the same time period, and Ethereum (ETH), which is up about 17.3%, Monero is leading the pack.

Monero has some big developments on the horizon, recently announcing it will undergo a network upgrade on July 16th. The hard fork aims to improve the network’s security, privacy, performance and overall resilience while keeping its proof of work consensus protocol.

Among other new features, an upgraded “Bulletproofs+” algorithm is designed to reduce the typical transaction size by about 5-7%, as well as improve typical verification performance by around the same percentage. Wallet sync times are also intended to reduce by 30-40%.

Monero is up 7.4% in the past 24 hours and nearly 16% compared to where it was priced one week ago.

XMR isn’t the only privacy coin that’s witnessed gains over the past couple of months. Zcash (ZEC) is up by about 56% since February 20th, with popular analyst Altcoin Sherpa recently saying ZEC is primed to continue its rally in a strong way.

“ZEC: No clear trend on the ZEC/BTC pair, higher lows and lower highs. Potential breakout depending on how you interpret it. The ZEC/USD pair looks great still, and I think it goes to $250 eventually.”

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/cosmoman/WindAwake

More articles

Latest article

MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security

Its been a rough couple of weeks for the cryptocurrency market. Bitcoin (BTC) price is nowhere near the price estimates of most analysts, multiple...

Do Kwon proposes Terra hard fork to save ecosystem

Terraform Labs will put the proposal up for a governance vote on May 18 Asia time. 4883 Total views ...

Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever....

Bitcoin bulls aim to flip $30K to support, but derivatives data show traders lack confidence

Bitcoin (BTC) bounced 19% from the $25,400 low on May 12, but has investor confidence in the market been restored? Judging by the ascending...

Top 5 cryptocurrencies to watch this week: BTC, MANA, MKR, ZEC, KCS

Bitcoin (BTC) has been relatively calm during the weekend as crypto traders try to rebuild the markets after the Terra LUNA debacle. With macro...