Why the Monero Price Rose 36% in 24 Hours

Monero is a cryptocurrency similar to Bitcoin. However, the main difference is that monero values privacy. Where bitcoin makes all transactions publicly visible, monero does not. However, it doesn’t compromise on the decentralised theme that all cryptos share.

What Monero did do, though, is beat out many of its crypto competitors. A sharp increase in the price over the last day has put the coin in the headlines. As well as push their total capitalisation into the billion-dollar mark for the first time.

What caused the spike in the Monero price?

Like most crypto news, it’s all rooted in speculation.

There are rumours circulating that monero could soon be listed on Bithumb. Bithumb is a South Korean crypto exchange, handling some of the largest volumes of crypto trading in the world.

After all, it’s no secret that Koreans are keen on crypto investments. As Ryan Dinse (one of our crypto specialists) noted recently, Korea was also responsible for the surge in the Bitcoin Cash price over the weekend.

A leaked document claims that monero could be listed on the Korean exchange as early as 27 August. It seems punters are getting in early, preparing for a surge in trading activity should the launch go ahead.

The only question mark is the lack of communication from monero’s lead developer, Riccardo Spagni, a man known for his regular Twitter updates. But his silence hasn’t dampened the rampant speculation.

For now, all eyes will be on Bithumb to see whether the leak is true. And if monero trading commences on Sunday, we could see another potential surge in interest.

The volatility of the crypto market is definitely at work again. But don’t let it scare you; we believe the crypto space can be extremely lucrative.

In fact, crypto expert Sam Volkering has unveiled what he believes will be the next crypto superstar. Details here.

Regards,

Ryan Clarkson-Ledward,
Junior Analyst, Money Morning


Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

Ryan is also the Editor of Australian Small-Cap Investigator, a stock tipping newsletter that hunts down promising small-cap stocks by dissecting the latest events affecting the world.

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