Cryptocurrency analytics firm Santiment reported that the largest privacy-focused cryptocurrency Monero (XMR) has begun to return to a high-interest zone among investors and has reached a new rather significant milestone.
The altcoin's price has risen more than 40 percent since mid-June, as sentiment surrounding Monero has increased. In a tweet posted today by the team of crypto analytics company Santiment, it was stated that Monero has come under the radar and has increased its value by about 41 percent since mid-June. Indeed, XMR was trading at $102.05 in mid-June, while it is trading at $160.63 at the time of writing, according to data provided by CoinMarketCap. According to the analytics firm, Monero has recorded the highest sentiment increase in market sentiment since 2021.
"#Monero has been an under the radar asset that has steadily been bouncing, up +41% since mid-June. There is a massive sentiment spike toward the 28th ranked asset currently, which is the highest since its May, 2021 #AllTimeHigh. "
Monero is currently the 28th largest cryptocurrency with a market cap of $2.91 billion. The cryptocurrency reached an all-time high of $517.62, which it reached on May 7, 2021. XMR has since lost 68.93 percent of its value.
What is Monero?
According to some, one of the most important items of the crypto money industry is privacy. While the effect of the biggest cryptocurrencies such as Bitcoin and Ethereum is in the minds of people, users also question the transparency of their transactions. Those who do not want to be transparent turn to privacy-oriented cryptocurrencies and meet their needs with Monero.
Monero is a leading cryptocurrency focused on private and censorship-proof transactions. The largest cryptocurrency Bitcoin and many other cryptocurrencies have a transparent Blockchain. Transactions in these cryptocurrencies can be verified or tracked by anyone in the world. This means that the sender and receiver addresses of these transactions could potentially be linked to real-world identities. Unlike all these blockchains, Monero stands out by using various privacy-enhancing technologies to ensure the anonymity of its users.
Unlike selective transparent alternatives (e.g. Zcash), Monero is the only cryptocurrency where every user is anonymous by default. The sender, receiver and amount of each transaction are hidden through the use of three key technologies: Stealth Addresses, Ring Signatures and RingCT. Since every transaction recorded on the blockchain is private, movements in Monero cannot be traced or tracked. This makes it a real, exchangeable currency. People who accept Monero need not worry about blacklisted cryptocurrencies either.