Monero (XMR) is showing off its outstanding achievements alongside other assets such as Decred (DCR), Tron (TRX), Kyber Network (KNC), and Zcash (ZEC).
Since last night, XMR has surged from a daily low of $266.1 to a daily high of $289.2 on the day.
Within a week too, XMR survives with a surge of more than 34% from its price level of $215.5.
What prompted the sudden increase in the price of XMR?
Several factors deserve attention and here are the details:
The series upgrade is scheduled for July 16, 2022 at block 2,668,888.
A month before it goes into effect, the latest version v.0.18 “Fluorine Fermi” will launch around 16 Jun 2022.
The size of the “ring” will increase from 11 to 16.
“ring” size – the total number of certifiers in an XMR transaction.
User privacy will be improved in these improvements.
The transaction size will also be reduced by 7% to increase chain scalability through lighter and faster transactions.
This token is a privacy token (privacy token) and it is starting to get the attention of future investors because of its uniqueness that is not the same as other coins.
Since the Russo-Ukraine war, investors have realized that most transactions are actually recorded on the blockchain.
Neither does XMR, making these coin transfers difficult to track.
Options for this activity ransom software (ransomware) up to this crime increased 500%
By May, XMR had finally hit an all-time high (ATH), $517.62.
Apparently it is driven by ransomware activity with the record for 2020-2021 having increased by almost 500%.
Chainalysis revealed that crypto payments for the ransomware had reached a value of $600 million in that period.
The increase in the price of XMR will probably continue if demand continues to increase.
As of writing, XMR is trading at $281, up nearly 3% in 24 hours.
