- Monero (XMR) deals with the bear.
- The traders might experience a similar day as yesterday.
Monero (XMR) price is suffering on the intraday market. The price of the coin is falling from a couple of days. However, the coin was seen touching new highs on the last week. We are expecting a similar kind of improvement will take place in the coin again.
For now, the traders shouldn’t hold any hope from the coin in the intraday trading. The coin is speculated to end the day with a negative sign. Now, let’s take a look at the intraday chart.
Monero (XMR) Current Statistics:
The chart is taken from Trading View on September 10, 2019, at 09:42:48 UTC for price analysis.
Yesterday, the coin opened at $77. The price slipped from $77 to $75 by 2%. Later, it recovered by 2.30%. The price counter changed from $75 to $77. The coin started falling after touching $77. The day closed at $75 with regression of 2.49%. Today, the coin opened with an escalation of 1.35%. The price counter changed from $75 to $76. Later, it fell from $76 to $73 by 3.70%.
Summary of XMR to USD:
|Market cap||1,272,538,289 USD|
|24hr volume||69,611,210 USD|
|Circulating supply||17,200,905 XMR|
Monero Price Prediction and Conclusion:
Monero (XMR) price might seem suffering in the market, but the future holds flourishing return on investment. The investment in Monero wouldn’t go futile.
The long-term investment looks best for the Monero. The short term investment would be as productive as long term investment. The traders can dig in Monero with a high prospect in mind.
Monero Hash-Rate Skyrockets With New Mining Algorithm: Details
RandomX, new Monero mining algorithm which eliminates the profits of ASIC-based mining, has been implemented recently. And its hash-rate has surged up by 186%!
Monero (XMR) has once more reaffirmed its commitment to the idea of decentralization as new mining rules have narrowed the advantages for having expensive mining hardware.
New Rules, Hash Rate Nearly Triples
The hash rate for Monero experienced a 186% spike after the token team upgraded its network with the implementation of RandomX’s mining rules. The hash rate is the number of hashes (secret numbers) calculated (solved) by computers mining in Proof-of-Work (PoW) blockchains like Bitcoin (BTC) or Monero. The hash rate’s indicator is sometimes dubbed as the “difficulty of the system”.
Prior to the upgrade, the hash rate for some was at 309 MHash/s. Seven days later, the hash rate reached 952 MHash/s. This is the third spike for Monero’s hash rate as the two previous spikes occurred in March 2018 and April 2019.
Image by: https://bitinfocharts.com/en/comparison/monero-hashrate.html#3m
This outbreak was caused by features of the new ASIC-resistant mining principles. ASIC resistance refers to an approach by miners to eliminate the advantages for having specialized hardware (primarily ASICs and FPGAs). This gives all miners an equal opportunity to participate in the mining process. 👉MUST READ
Monero executes such upgrades every six months, slightly customizing the algorithms. Therefore, miners that try to corrupt decentralization are losing catalysts to buy expensive hardware. At the same time, the majority of AMD and Intel CPUs that have been made since 2011 are efficient with RandomX.
Will the Price also Increase?
Despite this upgrade, the price of XMR remains stagnant as it has been hanging around $54 USD/XMR for last few weeks. On the day of the network upgrade, the coin’s value decreased to the $53 USD. This suggests that the price of the Monero token follows the overall trends of other altcoins. However, this particular cryptocurrency has been plagued by delisting from some of the exchanges.
Monero price analysis: XMR/USD vulnerable to losses due massive crackdown on privacy coins
- Monero is under pressure due to multiple delistings.
- XMR/USD is moving inside the range, directionless at this stage.
Monero (XMR) has been moving in a tight range since the end of the previous week. At the time of writing, XMR/USD is changing hands at $53.70, off the intraday low of $53.38. Monero takes 14th place in the global cryptocurrency rating with the current market value of $924 million. The coin has lost nearly 3% on a day-to-day basis and stayed unchanged since the beginning of Monday.
Monero has been under pressure lately due to cryptocurrency exchanges crackdown on privacy-focused coins. As the trading platforms for digital platforms slip into centralization and seek to comply with regulatory regalements, Monero and other privacy-focused coins feel the heat.
The exchanges tend to delist controversial coins out of fear of regulatory measures. Bitbay was the latest one that announced Monero delisting. In September, OKEx said that it would delist privacy coins like Monero, Dash, and ZCash.
These developments bode ill with Monero’s long-term outlook, making it vulnerable to further losses
Monero’s technical picture
XMR/USD is locked in a tight range with the initial resistance created by psychological $55.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $57.80. THis barrier is created by a combination of SMA50 (Simple Moving Average) and the upper line of the Bollinger Band on a daily chart. This barrier separates us from $60.00 and $61.20 (SMA100 daily). XMR/USD has been trading below this line since August.
On the downside, a sustainable move below $52.00 will clear the way to psychological $50.00 and the lower line of the daily Bollinger Band at $49.20. However, considering the flat RSI (Relative Strength Index), the coin is likely to continue its range-bound pattern for now.
XMR/USD, the daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
Monero Network Upgrade Is Providing Pros And Cons For Different Miners
- Monero is staying in line with its persistent efforts to get as far away from ASIC centralisation as possible.
- The change of the mining algorithm was just one of the big network upgrades included.
- The new algorithm doesn’t just put the aforementioned miners at a disadvantage but it will also put a limit to GPU mining
After recently upgrading its network, Monero is staying in line with its persistent efforts to get as far away from ASIC centralisation as possible. The change of the mining algorithm from CryptoNightR to RandomX was just one of the big network upgrades included.
Moreover, the new algorithm doesn’t just put the aforementioned miners at a disadvantage but it will also put a limit to GPU mining, but it is yet to be determined how significant this will be. Despite all the results of the shift, the main aim of the change was to give CPU miners the upper hand.
As per AMBCrypto:
“One of the latest in this series was Stantinko botnet, which according to We Live Security, has been mining Monero ‘since at least August 2018’’and was reported to have mined over $2.3 million worth of Monero. Notably, a report by Bloomberg stated that French police ‘located and dismantled the pirate server’ of a botnet used for mining Monero, earlier this year in August.”
The CTO of Symas Corp, Howard Chu was asked as to whether there was going to be an increase in mining bots.
Whilst in the latest session of Monero talk, Chu said:
“The numbers really aren’t going to change that much… if anything is out there that’s so old that it’s got less than 4 gigs of RAM, it’s not going to be running a RandomX miner anyway… there’s a good case to be said that the size of mining bots on RandomX will be smaller than it was before.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!