On April 19th 2014, the blockchain world was introduced to a new technological improvement that improved on the security and privacy on existing cryptocurrencies, including Bitcoin ̶ Monero (XMR). Today marks exactly 4 years since the coin was launched. However, as is with all assets in any industry, Monero has faced various challenges and gained indistinguishable strengths in its 4-year life span. The coin was showered with love on its fourth birthday as the prices rose by an average 20% across major exchanges on Thursday.
Monero has had an unprecedented month in the press so far after the blockchain was forked to four different altcoins on April 6th. This came as a rebellion, or difference in opinion, after the original Monero chain was updated to lock out of ASIC (Application Specific Integrated Circuits) miners from mining XMR. Since the announcement was made in mid-March, XMR dipped in price from $366 per coin to $166 on Friday, 6th April 2018. This represented the largest monthly drop in the coin’s 4 year history. The Monero community was facing the first serious fork on the main chain and the market reacted. It was also the first time that Monero community did not agree on the update causing havoc and splits.
The major challenge explained on Monero’s official site facing ASICs in mining XMR was the unequal hash power the machines caused in the system. Monero (XMR) decided to update the blockchain with a more egalitarian approach while increasing the minimum ring size. ASIC machines are created to respond to a specific algorithm of mining, in our case Cryptonight, the Monero algorithm. By changing the proof-of-work (POW) algorithm, any machines purposed to mine Monero are rendered useless or less useful. What now for all those ASIC machines that were produced specifically for Cryptonight?
Even amidst all these forks and disputes, XMR has continued to rise during its birthday week. At the start of the week, XMR traded at $165, representing the lowest amount since November 2017. After the hour of miracles last week on Thursday, the coin has started to show signs of going back to its $400 mark. A 19.4% increase on Thursday, April 19, 2018 saw the coin cross the $225 mark for the first time this month. This pushed the coin to 11th on the Coinmarketcap market capitalization rankings. Monero has a total of 15,944,740 XMR in circulation totaling its market cap at over $3.7 billion.
Trading Volume success
One of the most impressive statistic on XMR resurgence is the exponential increase in daily traded volumes. The coin is currently ranked 15th in the total daily volumes traded ranking up 0.62% of the total volume traded of all cryptocurrencies. With a total volume of over $185 million worth of XMR traded, this is the largest volume traded in over a month for the privacy coin.
As the coin celebrates its fourth birthday, all signs point towards a more prosperous year for Monero (XMR) even through the forks and disagreements. We may well see a $400, 5-year old XMR next year. Happy 4th birthday Monero!