Monero (XMR), which is perhaps most famous for being the cryptocurrency accepted by Mariah Carey and G-Eazy for their music sales, has been making impressive gains quietly in the background – while big-name coins like Bitcoin (BTC) and Litecoin (LTC) have been hogging all the media attention.
In the past month, Monero (XMR) has more than tripled its value – jumping from around $135 to higher than $400. At the time of writing, the digital coin is sitting at $427.50, up nearly 15% in the past 24 hours alone.
The past few weeks has capped off a stunning year, where this cryptocurrency has shot up by nearly 5,000 percent.
Is Monero (XMR) Really the Most Anonymous Cryptocurrency?
Monero (XMR) is known for being one of the most valuable digital coins that’s focused on privacy and anonymity. It has consistently been ranked in the top ten most valuable cryptocurrencies on the market – currently in tenth place and valued at $6.6 billion.
It was launched back in 2014, and it was unique in how its creators didn’t reserve any coins for themselves – which is commonplace these days when teams launch a new cryptocurrency.
Monero (XMR) also features a unique and innovative address system, which are referred to as “ring signatures.” Ring signatures, alongside stealth addresses, mix together each user’s account keys with public keys on the Monero blockchain – which presents multiple possible signers. Anyone looking in can’t connect a signature to a certain user.
The author of this article does not own any of the assets mentioned above.