Bitcoin has rebounded this week, climbing along with gold and other safe-havens as major stock markets struggle.The bitcoin price is up just over 2% over the last week—making strong gains yesterday as investors search for somewhere to put their cash. However, one major cryptocurrency has outpaced bitcoin’s gains over the last week and is still rocketing higher.
The privacy-focused cryptocurrency monero, currently ranked as the 11th most valuable cryptocurrency on data site CoinMarketCap with a total value of just under $1 billion, has added almost 5% in the past week—beating bitcoin’s gains.
Monero, which masks the identity of users better than the likes of bitcoin, is up by over 6% over the last 24-hour trading period, soaring as the broader cryptocurrency market climbed.
The precise reason for monero’s sudden surge wasn’t immediately clear, though there have been a number of positive developments for the bitcoin rival over recent months.
Monero developers recently rolled out an update to its Carbon Chameleon software, designed to improve transaction execution and how the cryptocurrency works with the privacy networks Tor and I2P.
Monero and privacy coins have also recently gained support from some high profile figures in the tech and crypto industry.
“I think we’ll also see privacy integrated into one of the dominant chains in the 2020s,” Coinbase’s chief executive Brian Armstrong wrote in a blog post back in January.
“Just like how the internet launched with HTTP, and only later introduced HTTPS as a default on many websites, I believe we’ll eventually see a privacy coin or blockchain with built in privacy features get mainstream adoption in the 2020s. It doesn’t make sense in most cases to broadcast every payment you make on a transparent ledger.”
John McAfee, the controversial and outspoken antivirus software developer and curve-ball U.S. presidential candidate, named monero as his cryptocurrency of choice earlier this year.
McAfee, who has reneged on his promise to “eat [his] own dick on national television” if the bitcoin price didn’t hit $500,000 per bitcoin by the end of 2020, praised monero, along with ethereum, the second most valuable cryptocurrency after bitcoin.
McAfee made similar allusions to monero’s technological superiority over bitcoin.”Bitcoin was first. It’s an ancient technology. All know it,” McAfee said via Twitter before recommending monero to cryptocurrency users.
“Newer blockchains have privacy, smart contracts, distributed apps and more. Bitcoin is our future? Was the Model T the future of the automobile?”
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
Please follow my instagram: http://instagram.com/arminhamidian67