On May 7, monero, the privacy-centric crypto asset, hit a record high of US$515 per unit due to the recent increase in the demand for confidential transactions. In the past three months, Monero’s revenue has increased by more than 190%, while many other privacy coins (such as zcash, verge, horizen, and grin) have also received significant gains.
Monero XMR adopted the new ATH before most privacy coins came out
Although the value of cryptocurrencies has grown wildly, the regulatory atmosphere has greatly increased. Governments and blockchain surveillance companies around the world have been making themselves invincible in this industry. Interestingly, with the severe crackdown by regulators and the elimination of privacy tokens by exchanges, it has pushed up demand.
In 2021, the privacy coin has been moving north, and on Friday, Monero (XMR) reached an all-time high (ATH). Monero was born in 2014. The open source code is not a fork of Bitcoin (BTC), but a Proof of Work (PoW) digital asset based on the Cryptonote application.
XMR’s blockchain is considered a “fuzzy public ledger”, which utilizes ring signatures, one-time stealth addresses, and a non-interactive zero-knowledge proof (NIZKP) protocol called “bulletproof”. Governments like the United States are aware of the privacy protection of Monero and are even willing to pay for tools to crack this confidential function.
XMR is up more than 17% this week and 74% last month. The 90-day statistics show that XMR has risen by 192.5%, while the 12-month data shows that the monero exchange rate against the US dollar has risen by 666%.
Since then, Monero has started to gain more attention, as many developments have been completed since then.In the first month of the year, developers Reveal The three teams are working on XMR atomic swaps. In February, the monero developer explained that Bulletproofs+ has been reviewed.
Monero has the largest pair of tethers, while Zcash, Verge, Grin, Beam, Horizen and Dash all rose by more than 200% in 3 months
According to data from Cryptocompare, Monero’s largest trading pair is Tether (USDT) because USDT captures 67% of all XMR transactions. Followed by BTC (24.50%), ETH (3.47%), USD (2.36%), BUSD (0.92%) and EUR (0.58%).
In addition, the value of many other privacy coins has soared. Zcash (ZEC) has a long way to go if it wants to catch up with ATH five years ago, when it reaches the unit price of $8,967. Despite this, ZEC has grown by 591% this year and has grown by 216% in the past three months.
In the 90-day time frame, Verge rose by 297%, and horizen rose by 318% in the same time frame. The 90-day data shows that Grin has gathered 264% and the beam has risen by 238%. Finally, the dash has also jumped 215% in the past three months, but still needs to maintain its ATH of $1,531 per unit three years ago.
Overall, despite being affected by the regulatory environment, privacy coins are performing well in general, and it is getting harder to find them on exchanges.
What do you think about monero reaching an all-time high while the rest of the privacy token gains? Let us know your thoughts on this topic in the comments section below.
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