Monero (XMR)

Monero is currently trading at $169.97, after a price change of 0.86% in the last 24 hours.

Ranked as cryptocurrency #23 by capitalization today, XMR market cap is valued at $3,098,197,566. XMR trading volume reached $142,308,636 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on XMR coin price prediction page.

What is Monero?

Monero is a privacy-oriented, open-source, and decentralized cryptocurrency, trading under the ticker XMR. Its ecosyste was founded in April 2014 by a group of anonymous developers. Monero was one of the initial cryptocurrencies with the cryptography feature, which entails privacy advancements and fungibility over alternatives. Its white paper says that the main elements of this digital currency are “privacy and anonymity.”

Monero has an opaque blockchain system. The amount, identity of people involved, history, and other transaction information remains anonymous in its blockchain. It does so by concealing the addresses of its participants. This means users can send as well as receive transactions without worrying about making their data public. However, there are concerns that, owing to its robust privacy traits, Monero can be easily used on the dark web and for illegal activities.

Monero uses the proof-of-work mining mechanism, whose algorithm is called RandomX. It is CPU-friendly and ASIC-resistant. This system provides security and prevents double-spending issues, which can show the incorrect supply of the cryptocurrency. Monero can be mined by individual CPUs of investors without requiring them to shell out money for special hardware.