Is Monero strong in the bear market? A retrospective

While 2018 has brutalized several prominent cryptocurrencies, Monero was lucky to honor the titles in various ways; whether for the fact that – for better or for worse – the cryptojacking software has spent about $ 175 million of XMR, or the launch of Tari – a combined sidechain for digital resources.

At the beginning of the year, Monero started the process as the 13th largest cryptocurrency by market capitalization on January 7 and traded at $ 476.33 USD. At the time, the cryptocurrency had a total market capitalization of $ 7,417,611,689 USD.

Fast forward to August, and time seems to have put its toll on all things in an interesting way. Now the 10th most valuable cryptocurrency, Monero trades for $ 89.38 USD, and has a total market cap of $ 1,453,909,220 USD.

In relative terms, Monero lost about 81% of its commercial value in the last eight months, while its market capitalization similarly decreased by about 80%.

Transaction volume

At its peak on 9 January, the Monero network saw daily transit 8.2 thousand XMR – down from a record of 10.8k XRM on 6 December in 2017.

The network's bottom saw the XMR pass by only 1.1k on March 7th, while the next highest point on the 7.53k XMR network moved hands on May 1st.

[19659005] Developmental changes

While the Monero protocol itself is constantly developing, the cryptocurrency network has attracted attention at the beginning of the year when has adopted an emergency fork to mitigate the impact of ASIC extraction.

The move was specifically aimed at Bitmain's Antminer X3 – which was designed to excavate Monero in the first instance – and instead increased the presence of consumer laptops and other entry-level hardware – all of this can extract Monero through the script Cryptonight of cryptocurrency.

In a statement on GitHub, core developer Riccardo Spagni stated that "I will do everything in my power to help the community prevent the proliferation of ASICs that induce centralization on the Monero network" .

The decision had a relatively poor impact on the Monero price trading, which rose from $ 182.11 USD on April 3 to $ 165.95 on the fork date on the 6th of the month. Monero regained strength shortly thereafter and traded for $ 184.15 USD on April 12th.

Adoption

While Monero's price may have decreased along with a majority of cryptocurrencies in digital currency markets, Monero has seen noteworthy adoption cases.

Perhaps most significantly, Tari – a new project led by Riccardo & # 39; FluffyPony & # 39; Spagni, Naveen Jain and Dan Teree – aim to cut & # 39; middleman & # 39; ticket and asset vendors, and instead authorize the original owners of digital assets such as artists, sports teams or even event promoters. Tari will be built as a combined sidechain that will work in concert with Monero himself.

Elsewhere, Monero has further insinuated into charity – at the start of this year, Change.org has jumped on the encrypted bandwagon with a new downloadable screen saver that mines (and donates) Monero.

Simply called 'The Mining Screensaver', the utility works similarly to a standard screen saver except for the fact that it uses the idle processing power to extract Monero.

Finally, perhaps one of his most significant moves, Circle Invest, has listed ZCash and Monero among its existing inclusions of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin at the start of this & # 39; year.

Into the future

While cryptocurrency vibrates and agitates under the pressure of roaming bears, Monero continues to generate solid volumes of transactions and, with Tari, has found new utility in the management of digital resources.

Cryptocurrency may still be the place to prosper in the future – as Bitcoin was years ago, Europol noted that Monero quickly became the flavor of choice for cybercriminals and the online black market, given its privacy mechanics, and has played an important role in the rise of encryption.

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CoinInsider editor. Journalist of technology, podcasters, photographer and director. Hodling – BTC, NEO, ETH. @bryansmithsa

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