The cryptocurrency market is full of options and price asymmetries that smart investors can enjoy. To that end, market capitalization is an effective benchmark to track comparisons between competing operations for initial research.
Notably, the recent $3 billion rise of Monero (XMR) boasts strong fundamentals, pointing to an undervalued capitalization. Monero is one of the major contenders that is regularly taking over Bitcoin (BTC) market share among cryptocurrencies.
The mission is to maximize Bitcoin’s acclaimed strengths and benefit from more eco-friendly transactions, an advanced proof-of-work gadget resistant to ASIC centralization, and a battle-tested privacy-by-default network.
At the time of writing, Monero is trading at $165.38 with a $3.09 billion marketplace cap, ranking twenty-eighth. The $15 billion trip will successfully push its value through 5 instances to $826, creating untouchable highs. Interestingly, this progress would require only 1% of Bitcoin’s $1.20 trillion capitalization.
Noted privacy and cyberpunk cryptocurrency followed
The cryptocurrency has a battle-tested privacy-by-default answer to peer-to-peer cash transfers, consistently praised by grassroots communities and longtime Bitcoin supporters.
For example, in September 2020, the U.S. Bureau of Internal Revenue Division of Criminal Investigation (IRS-CI) posted a $625,000 reward for contractors who could assemble equipment to support Hint Monero. This reward was never claimed, meaning this type of device no longer exists.
Recently, longtime Bitcoin supporter, billionaire and PayPal co-founder, Peter Thiel, marveled at the flow size of BTC according to fundamental data given to him. Thiel discussed cyberpunk, crypto-anarchist, libertarian, and “anti-centralized government” beliefs as the core of Bitcoin’s value proposition.
“Does it (BTC) really work that way? Or is that thread somehow lost? So, when the FBI guys tell me they have criminals they prefer to use Bitcoin instead of hundred-dollar bills. So this suggests that, perhaps, it’s not working the way it should. One is the kind of ideological, decentralized future I’m on. Really believe. I really believe it will be better, and it (Bitcoin) seemed like the perfect medium for it for so long, and I’m just very little convinced of that. “
peter thiel
On the contrary, Monero is conquering this latest optical, in addition to the markets governed through BTC so far. The darknet market is a shining example of the case for adoption and importance, but also a percentage of the views of cyberpunk influencers and commentators. Furthermore, XMR has increased its usage percentage and dominance in the Clearnet marketplace on par with reward card crypto suppliers.
The battle over privacy and the flexibility of Monero
It is noteworthy that significant governments around the world have declared a fight on financial privacy and especially Monero through arbitrary law enforcement.
In particular, the ECU union has blocked unnamed bills. Meanwhile, the US and the Netherlands have led enforcement movements against open-source builders, raising concerns even among known cryptocurrency critics.
This situation has significantly given additional strength to Monero, attracting more supporters to the cause and expanding its awareness. Impulsively, XMR has become the first and second favorite cryptocurrency of many fanatics, increasing its potential.
Despite being removed from primary crypto exchanges like Binance and OKEx, buying and selling of XMR increased on decentralized exchanges like HavenO. Patrons were reportedly paying higher rates to obtain Monero in those “street” markets, which is evidence of demand for the coin.
Ultimately, XMR has a great opportunity to tap into the entire cyberpunk and alternative grassroots cryptocurrency communities that once supported Bitcoin.
In good conditions of adoption and increasing demand, the value of Monero could increase dramatically as it potentially ranks among some of the best cryptocurrencies, given its market cap of $15 billion. However, XMR would need to overcome related demand conditions, including liquidity and regulatory spectrum, for this hypothetical rally to take place.
Disclaimer: The content of this website should no longer be considered an investment recommendation. Investing is speculation. Your capital is at risk when investing.
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