Price
$144.24
12/8/2022, 7:55:54 AM
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Market

Market stats

Market cap

$2.6B

Volume (24h)

$61.7M

Circulating supply

18.2M XMR

All time high

$517.62

Price change (1h)

-0.01%

Price change (24h)

+1.79%

Price change (7d)

+0.23%

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Monero is on the rise this week.

The price of Monero has risen by 0.23% in the past 7 days. The price increased by 1.79% in the last 24 hours. In just the past hour, the price shrunk by 0.01%. The current price is $144.24 per XMR. Monero is 72.13% below the all time high of $517.62.

The current circulating supply is 18,210,757.104 XMR.

About

Monero is a cryptocurrency focused on privacy. Transactions on the Monero blockchain can’t be tracked or traced. Monero uses a proof of work consensus algorithm to issue new coins and secure transactions.

What Is Monero (XMR)?

According to the website, Monero (XMR) is a decentralized digital currency. Users can trade Monero securely and at a low cost for goods, services, and other cryptocurrencies. The price of Monero rises when demand exceeds supply and falls when supply exceeds demand. Besides this, Monero provides users with the privacy and anonymity of their transactions. Monero is untraceable since every transaction is private. Every transaction's sender, receiver, and amount are masked using three key technologies: stealth addresses, ring signatures, and RingCT.

  • Stealth Addresses: Monero's natural anonymity is enhanced by using stealth addresses. Stealth addresses are a way to hide public blockchain transactions by creating one-time addresses for each transaction. Even if multiple transactions are sent to the same recipient, stealth addresses work by having the sender use a one-time address for each transaction. As a result, stealth addresses help maintain the privacy of recipients and their financial information.

  • Ring Signatures: The ring signature obscures the source of funds so that the parties participating in the transaction can't track them. Thanks to the ring signature, every Monero transaction between two parties is grouped with multiple transactions among unrelated parties. In simpler words, the receiver's funds are mixed in with those of other Monero users and shifted randomly around the list of transactions, making it highly impossible to track either the source or recipient. In addition, the ring signature decrypts the amount involved in any transaction.

  • RingCT: In Monero, transaction amounts are hidden using RingCT, which stands for ring confidential transactions. RingCT is an improved version of ring signatures that allows for hidden values, sources, and destinations of transactions.

History of Monero (XMR)

Monero was launched in April 2014. Monero was first known as BitMonero, but the community immediately shortened it to Monero. Monero is an Esperanto word that translates to "coin."

Monero is a fork of Bytecoin. When an original coin is split into two to form a new version, this is known as a fork. The forking was driven by a desire to operate the token in a decentralized, collaborative, and varied community. This is why Monero is a community-driven project. That is to say, a firm does not run it, and no CEO recruits employees. The Monero project has various branches like the Monero Core Team, the Monero Research Lab, Monero Workgroups, and the Monero community. All these branches collaborate to work on the Monero Project.

How Are New XMR Tokens Created?

Monero uses an ASIC-resistant and CPU-friendly proof-of-work (POW) algorithm created by Monero community members. ASICs are specialized computers that are designed to do a single task. ASICs are particularly efficient for mining, or creating new tokens, because of this feature. The issue is that these devices are costly, and only a select few can afford them. As a result, a small number of entities control a significant portion of the network, posing a substantial threat to the network's security.

Monero solves this problem by being resistant to ASICs: it employs an algorithm that significantly limits the efficiency of ASICs. Miners may compete on a level playing field by using typical consumer hardware. Thousands of miners utilizing “normal” PCs are presently guarding the Monero network. As a result, the network is significantly challenging to break into, and no miner has a significant edge over other miners (they all use more or less the same hardware). Monero mining is designed to work with desktops, phones, tablets, and web browsers, allowing anybody to participate in the mining ecosystem without expensive equipment.

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Last update: 7:55 AM

Reading List

News

CoinDesk • Aug 12, 22

Privacy Protocol Monero Is Getting a Major Upgrade

The privacy-focused network is gearing up for a hard fork that has been in the works for months.

Read more

News Article Image

Decrypt • Oct 27, 21

Privacy Blockchain Putting Up $100 Million to Compete With Zcash and Monero

Findora has announced a $100 million ecosystem fund as it looks to attract DeFi applications to the network.

Read more

News Article Image

CoinDesk • Oct 20, 20

First Mover: Monero Leads Privacy-Coin Rally as Bitcoin Trips on Path to $12K

Monero, zcash and other privacy coins, a type of digital token that provides users with enhanced anonymity, are surging in cryptocurrency markets.

Read more

Decrypt • Aug 31, 20

US Homeland Security Can Now Track Privacy Crypto Monero

The popular privacy coin might not be so private anymore, as CipherTrace claims to have developed tools to trace it.

Read more

News Article Image

The Block • Jul 02, 20

IRS seeks info on tracing privacy coins, Lightning network transactions for pilot program

The U.S. Internal Revenue Service (IRS) has put out a call for information about potential tools it can use to track different types of cryptocurrency transactions as part of an investigative pilot program. The post IRS seeks info on tracing privacy coins, Lightning network transactions for pilot program appeared first on The Block.

Read more

News Article Image

The Block • Feb 24, 20

Over 3.1 billion transactions have been processed across 24 crypto networks in the past decade: researchers

More than 3.1 billion transactions have been made across two dozen cryptocurrency networks over the past ten years, a company that tracks the Ethereum transaction mempool found. The post Over 3.1 billion transactions have been processed across 24 crypto networks in the past decade: researchers appeared first on The Block.

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FAQ

What is the current price of Monero?

The price of 1 Monero currently costs $144.24.

What is the market cap of Monero?

The current market cap of Monero is $2.63B. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Monero?

The all-time high of Monero is $517.62. This all-time high is highest price paid for Monero since it was launched.

What is the 24 hour trading volume of Monero?

Over the last 24 hours, the trading volume of Monero is $61.69M.

What other assets are similar to Monero?

Assets that have a similar market cap to Monero include UNUS SED LEO, Chainlink, Wrapped Bitcoin, and many others. To see a full list, see our comparable market cap assets.

How many Monero are there?

The current circulating supply of Monero is 18 million.