Monero is an open-source cryptocurrency that is privacy oriented, untraceable and secure. Monero was originally launched in 2014 by someone under the pseudonym “thankful_for_today” who was a user of the Bitcointalk forum. The currency was formally called “BitMonero”, the name was changed 5 days after the launch to Monero.
Monero has some benefits that make it desirable, it is anonymous, secure and private. Transactions and user wallet addresses are hidden. There is high demand for the coin, and this has led to the improvement of its price. It is also a proven cryptocurrency with security as one of its major aims. When it was created in 2014, it spent some years at the bottom of the crypto price table, and its trade below the $1 mark. Its spike in value was attributed to bitcoin’s shoot to the limelight, because when Bitcoin had problems, Monero became a good alternative.
The Monero market is similar to some other cryptocurrencies in the way it is operated. Anyone who intends to invest in the digital currency can purchase it directly via exchanges. There have been consequential volatility experienced by the Monero’s XMR token, as it climbed nearly 70% in April 2017, and also more than 1,300% when trading began on CoinMarketCap. From January 2015 and May 2017, Monero fluctuated between $0.25 and $60. It began trading at $10 per coin in 2017 and rose to $350 by the end of 2017, and by the beginning of 2018, it hit $412. Some observers are of the opinion that Monero’s volatility may negatively affect the credibility of the coin, users intending to buy Monero can do so using cryptocurrencies and fiat currencies, which has the ability to encourage the users to sell and buy it in a bid to get profit.