Monero [XMR] makes the quickest come-back after market crash
Monero [XMR] cryptocurrency is anonymous in nature whereas, most other digital currencies are simply pseudonymous. In the phase of crypto market crash, almost all the crypto valuation deteriorated. However, despite the anonymous nature of Monero [XMR] digital token and its exposure to resistance, the digital currency has seen valuation increase. According to a report by BCFocus, Huobi Pro, in early June, enlists Monero [XMR] cryptocurrency on their digital platform.
After a period of depreciation, the current price valuation of Monero [XMR] crypto coin is set at $113.956. The trading value of this virtual currency is marked at $313. It is predicted that by the end of 2018, the price would hover around $650. Surprisingly, in a span of five years the Monero [XMR] crypto price would reach up to a level of $2000. Thus, the elevation which is expected to happen in the price of this cryptocurrency is, indeed, significant.
The increase in price of Monero [XMR] both in the current as well as in the long term crypto market scenario is due to the anonymous nature. This anonymous characteristic of this crypto coin helps to stand by the norms of both, digital currency and blockchain technology.
However, the prevailing phase of market crash has been a significant reason of worry for the crypto enthusiasts and investors. The reason underlying the sudden downfall of price in the overall crypto market domain is, indeed, a matter of research. SEC has lately made an announcement rejecting the status of Ethereum [ETH] and Bitcoin [BTC] as securities.
In the current scenario, the market simply did not pay attention to the progress made in this week in the lawsuit of Mt. Gox. A decent proposal is presently circulating, wherein, the investors who were holding in Bitcoin [BTC] an amount $450 million in 2014 would be compensating in Bitcoin [BTC] itself.
Institutionalisation of cryptocurrency
Amidst the ongoing market crash, the prominent cryptocurrency exchange Coinbase was gearing up to conduct a service on crypto custody. Prior to this measure undertaken by Coinbase crypto exchange, the issue laid in the vulnerable nature of wallets to hacking despite the security provided by Bitcoin [BTC].
The investors find it extremely significant to enhance and improve the accessibility of the digital tokens to the institutional investors. It equally lays emphasis on supplementing retail merchants who accept digital currencies for services and goods.
The media sources reported about the manner in which U.S. Supreme Court specified cryptocurrency, in general and Bitcoin [BTC], in particular. The U.S. Supreme Court mentioned them during issuance of a ruling on unrelated case. According to the statement of U.S. Supreme Court on 21st June in Wisconsin Central LTD v. United States case, “What we view as money has changed over time. Cowrie shells once were such a medium but no longer are, our currency originally included gold coins and bullion, but, after 1934, gold could not be used as a medium of exchange, perhaps one day employees will be paid in Bitcoin or some other type of cryptocurrency.”
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