Monero, which many exchanges have removed from the list, is at a 2-year peak: Why is it rising?
Monero (XMR), which has been removed from the list by many exchanges this year, from Bithumb to Liquid and Upbit, despite this, has steadily gained value. What’s behind the rise of privacy-focused cryptocurrencies?
The popular privacy-focused cryptocurrency Monero (XMR) is one of the cryptocurrencies set to hit 2020. XMR, which has outperformed the performance of many cryptocurrencies, including Bitcoin, having gained more than 230 percent since the beginning of the year, has been frequently removed from the stock market this year.
It is also not listed on some leading exchanges, including XMR, Coinbase, which is listed on important exchanges such as Bithumb, Upbit, Huobi Korea, which operate in South Korea. In contrast, XMR is pushing the top ranks in price performance.
Monero had already left behind a key update in October. With this update, Monero’s scalability and performance were improved, transaction sizes were reduced by 25 percent, and transaction times improved by 10 percent. As Monero’s technology evolves for the better, the increase in ransom attacks also supports the demand for privacy-focused cryptocurrencies.
“Some companies buy Bitcoin for portfolio diversification purposes, while other companies buy digital assets such as Monero, which is widely preferred by hackers, ” Denis Vinokourov, research manager at London-based brokerage BeQuant, told CoinDesk.” said.
Companies need Monero to pay ransoms to hackers. This increases demand for Monero somewhere, and the price is valued with increasing demand accordingly.
According to Vinokourov, although there was no ransom demand with Monero during the recent attack on the U.S. Treasury Department or the massive Google outage, these events worry more companies about similar hacks.
Last August, CWT, a US-based travel giant, had paid a $ 4.5 million ransom to attackers who had locked their systems.