Monero (XMR) rose 36% in 2 weeks despite miner warning

The privacy-focused cryptocurrency Monero (XMR) has grown 36% in the past two weeks, while the majority of the cryptocurrency is suffering losses and entering a phase of unification.

Recently, XMR caused a stir after a cybersecurity firm called Reasonlabs alarm that torrent files containing the movie “Spider-Man: No Way Home” may contain malware designed to mine Monero.

Miner reports have plagued the Monero community for years, where multiple applications hijack the victim’s CPU and then mine Monero without the victim’s knowledge.

This action is known as “cryptojacking” and can go unnoticed by creating exclusions from Microsoft Defender Antivirus scanning.

Over the Year (YTD) Over the Year (YTD), XMR is up 58% against the US dollar and is a crypto asset with a market capitalization of around $ 4.49 billion, placing it 42nd out of 12,135 crypto assets . It currently represents 0.19% of the $ 2.23 trillion crypto economy.

XMR / USD price chart | Source: Tradingview

XMR has traded between $ 227.51 and $ 248.45 in the past 24 hours and USDT is the largest trading pair at 42%. This is followed by BTC (18.39%), ETH (7.83%), USD (5.94%), EUR (3.35%), GBP (2.32%) and JPY (2.32%).

Monero is an open source digital currency network based on Cryptonote technology and developed by Nicolas van Saberhagen in 2013, although intended to be private, blockchain surveillance company Ciphertrace claims to be able to track cryptocurrencies.

Monero’s security techniques include the obfuscation of IP addresses, ring signatures, zero-knowledge evidence and hidden addresses. At the end of August 2021, a Monero developer announced the possibility of an Atomic swap from BTC to XMR. In addition, XMR is used in some darknet markets.

Monero is also facing many data protection competitors like Horizen (ZEN), Dash (DASH) and ZCash (ZEC). For example, ZEN is up 438% against the US dollar since the start of the year, and ZEC is up 130.8% last year.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.