London, England – 5th July, 2023 – Monero (XMR) finished high for the thirteenth consecutive day on 29th June 2023. This broke XMR’s previous record from 2021, when it achieved ten successive days of finishing higher. This success is even more surprising since many experts have been predicting the end of XMR.
Monero is one of the original privacy cryptocurrencies. It is designed to give complete anonymity to its users. While other cryptos have claimed to conceal users’ identities, XMR is one of the few to actually achieve it. This secrecy has great appeal to many crypto users who also like the fast transaction speed and low fees.
However, Monero’s success led to fears that criminals and money launderers would use the coin. Other privacy coins have been created with various degrees of success, but XMR is the most high-profile, stable, and successful. Despite the initial bad publicity, XMR is now considered one of the safest projects in the crypto space.
In 2023, the SEC and several global regulatory boards began discussing increasing regulations for owning and trading cryptocurrency. This was followed by Binance, which operates the world’s largest cryptocurrency exchange, announcing in May 2023 that it was delisting Monero and other privacy coins in several countries, including France, Italy, Spain, and Poland. This was partly in response to the European Union implementing the ‘Markets in Crypto-Assets’ regulation. Since the collection of user data and identification information is now required by the EU, it was thought that privacy coins would not be able to comply, and so crypto users would no longer buy them. However, Monero has a transparent send function and an option to privately share view keys which means it can still trade under the new regulations.
There is still a lot of noise and publicity about governments shutting down privacy coins. Despite this, Monero has performed in direct contradiction to the expert’s predictions. As well as setting the record for consecutive days finishing high, Monero has been one of the best-performing assets in the crypto market recently. The price of XMR surged by 10% within the last seven days. InvestorsObserver.com analyzed Monero’s recent performance and gave it a strong long-term technical score of 83. They also observed that XMR has a superior long-term technical analysis score than 83% of other cryptocurrencies.
So is Monero’s appeal just its privacy? Nathalie Roy, owner and creator of Monero wallet, XMRWallet.com, says there’s more to XMR than its success in providing anonymity to its users. “There have been lots of privacy coins that have come and gone, but Monero continues to thrive. It is a well-established crypto that is unique for many reasons and it has proved that it is reliable and stable.”
Since its launch in 2014, Monero has always been run as a community with democratic principles. The founders of Monero did not hold any stake themselves when they created the coin. Developers worldwide can inspect, audit, and study the source code. This contributes to Monero’s growing popularity and has created a strong community that continues to develop and improve Monero. This also means that XMR is always at the cutting-edge of technology, setting the standard for anonymity and confidentiality in cryptocurrency.
Another thing about Monero that appeals to people is that, unlike Bitcoin, you don’t need to buy special equipment to mine it. XMR does not use sophisticated hardware, so there are no start-up costs or investment in expensive mining rigs required. Investors can mine Monero using their own CPUs as it is designed to be compatible with computers, smartphones, and tablets.
Whatever it is about Monero that appeals to users, it looks like it is going to go from strength to strength in 2023.
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Website: https://www.xmrwallet.com/