Monero’s Market Capitalization (XMR) is Up in 2 Years

monero-matrix

Monero is having a great time and his total market capitalization is at 2018 levels. Is this just a price movement of a fundamental correction?

Monero, the most important privacy currency in the crypto ecosystem, is having a great time, outpacing even Bitcoin in comparison.

As of today, October 15, 2020; XMR closed with a total market capitalization of $2.29 billion. At a price of $129 per token, cryptography is performing phenomenally, reaching market capitalization not seen since 2018, when bearish sentiment took over crypto-verse, draining markets in general.

source: cryptopotato.com

Bulls are in control, but for how long?

Looking at things from another perspective - and considering that such capitalization was last seen during a bearish phase - in terms of sentiment analysis, Monero is breaking limits that were only observable in 2017, during the last bullish run of the cryptocurrencies in general.

The Relative Strength Index - a number that tries to determine whether an asset is overbought, oversold or in a state of equilibrium - shows that bulls are in control. The token is starting to move into an overbought zone, which means that traders must be cautious and think before a possible settlement.

source: cryptopotato.com

However, broadly speaking, a high RSI in the current circumstances does not seem as frightening as that of 2017. Other data show a balanced market and a good place to grow in the short term.

The Monero community has many reasons to be optimistic
From the point of view of fundamental analysis, Monero has proved its worth over time. Despite not having the blessing of law enforcement agencies worldwide - especially in the United States - blockchain has been able to remain intact, proving that, at least until now, it is undecipherable even for the most influential government agencies in Worldwide.

And while there are companies like Chainalysis working side by side with agencies and regulators to find a magic door for authorities to invade the privacy of those who love using Monero, none have been successful.

The authorities' concern seems to be having a positive effect on investors. In fact, the United States Department of Justice issued a statement asking companies to collaborate with the authorities to allow access to private data and, in a kind of defiant attitude, the Monero community and privacy advocates responded vehemently, which, of course, translated into a spike price.

source: cryptopotato.com

However, the cryptocurrency is still 73% below its ATH. Although it is performing better than other tokens in the top 10 by market capitalization, it is still far from occupying a place in that privileged list after tokens such as Polkadot, Chainlink, and Crypto.com’s CRO entered the scene to steal the show.

Too bad there are no DeFi projects on Monero… yet.

source: cryptopotato.com

Crypto Mining Malware Has Netted Nearly 5% of all Monero, Says Research

Monero (XMR) is by far the most popular cryptocurrency among criminals deploying mining malware, according to a new study. Two researchers, Sergio Pastrana and Guillermo Suarez-Tangil, from Universidad Carlos III de Madrid and King’s College London, respectively, published their report last week, estimating that hackers have mined at least 4.32 percent of the total monero in circulation. Pastrana and Suarez-Tangil write:
“Overall, we estimate there are at least 2,218 active campaigns that have accumulated about 720K XMR (57M USD). Interestingly just a single campaign (C#623) has mined more than 163K XMR (18M USD), which accounts for about 23% of the total estimated. This campaign is still active at the time of writing.”
The researchers, however, are not sure whether, or what portion, of malware owners have cashed out their crypto, due to lack of information and the fluctuating prices of cryptos. At press time, the value of the XMR total cited is almost $40 million. Around 4.4 million malware samples were analyzed over a 12-year period from 2007 to 2018, and and 1 million malicious miners were identified, the paper says. Tactics adopted to distribute malware varies, but the pair say that a “common yet effective approach is to use legitimate infrastructure such as Dropbox or GitHub to host the droppers, and stock mining tools such as claymore and xmrig to do the actual mining.” After monero, which the pair said is “most prevalent,” bitcoin came in at second favorite crypto for illicit mining, though its popularity has decreased over the years. Bad actors also experimented with other altcoins such as dogecoin or litecoin during 2013 and 2014 and then shifted back to bitcoin and monero, probably because these are more profitable, the researchers suggest. Of the malware-associated wallets identified by the team, monero was 56 percent more represented than bitcoin, while zcash came in third place. More generally, instances of crypto-mining malware increased by well over 4,000 percent last year, according to research from McAfee published in December – growth that saw it rapidly overtake the previous favorite, ransomware, over the period. Back in November, research from Israel-based cybersecurity firm Check Point Software Technologies showed that a monero mining malware, dubbed KingMiner, is evolving through time to avoid detection. Source: www.coindesk.com