Monero Community Refutes Chainalysis's Tracing Claims A leaked and deleted video from Chainalysis, a blockchain analytics firm, sparked controversy by suggesting that transactions on Monero (XMR), a privacy-focused cryptocurrency, could be traced. The Monero community has strongly refuted these claims. The community explained that Chainalysis operated a Monero node and tracked IP addresses connecting to it, essentially creating a "honeypot proxy node." However, protecting IP addresses is crucial for anti-forensics, as without them, tracing attempts become futile. Monero's Privacy Remains Intact Monero's privacy enhancements, such as ring signatures and stealth addresses, effectively conceal transaction details and participants. The community emphasized that Chainalysis's alleged tracing technique is not a genuine vulnerability in Monero's design or implementation. Ensuring Privacy in Cryptocurrency The Monero community's swift response highlights the importance of protecting privacy in the cryptocurrency realm. While some may prioritize convenience and ease of tracking, others value anonymity and financial freedom. Monero remains committed to providing robust privacy solutions for its users.

Monero (XMR) community has pushed back against claims made by Chainalysis in a leaked video, which allegedly demonstrated how the blockchain analytics firm bypasses Monero’s privacy features to trace transactions. The video, which has since been deleted, has sparked intense debate, with members of the Monero community accusing Chainalysis of using questionable methods to track Monero transactions, according to Decrypt.

The crux of the rebuttal centers around allegations that Chainalysis set up its own Monero node to track IP addresses of users who connected to it. Csilla Brimer, a prominent Monero community leader, suggested that this node functioned as a fake proxy node, and explained that IP address protection is critical to ensuring the privacy of Monero users. The community emphasized that by running their own nodes, users could avoid having their transactions traced in this manner, rendering the tracking attempts ineffective.

How Monero’s Privacy Mechanisms Work

Monero is widely known for its strong privacy features, which include ring signatures, stealth addresses, and RingCT (Confidential Transactions). These technologies ensure that the sender, receiver, and transaction amount are obfuscated, making it nearly impossible to trace transactions back to individual users. Unlike transparent blockchains like Bitcoin, where all transaction details are public, Monero’s design focuses on protecting the anonymity of its users.

Ring signatures blend a user’s transaction with others on the network, making it difficult to determine which transaction belongs to which user. Stealth addresses further enhance privacy by generating one-time addresses for each transaction, preventing the receiver’s public address from being linked to other transactions. RingCT hides the transaction amounts, making it even harder to trace the flow of Monero.

These privacy features have made Monero a popular choice for individuals and entities seeking anonymity in their financial transactions. However, this same privacy-centric design has also drawn the attention of regulators and blockchain analytics firms like Chainalysis, who aim to track and prevent illicit activity involving cryptocurrencies.

Chainalysis’ Alleged Tracking Method

According to the Monero community, Chainalysis’ tracking method, as shown in the leaked video, involved setting up a Monero node and logging the IP addresses of users who connected to it. By doing this, Chainalysis could potentially track which IP addresses were associated with Monero transactions, thereby bypassing some of Monero’s built-in privacy protections.

However, Monero advocates argue that this method is not a true breach of Monero’s privacy technology. Instead, it exploits a weakness in how users connect to the network, particularly those who use third-party nodes. Csilla Brimer pointed out that if users run their own Monero nodes, they can avoid exposing their IP addresses to third-party nodes like the one allegedly operated by Chainalysis. This way, users can maintain their privacy and prevent their transactions from being tracked.

The Importance of Running Personal Monero Nodes

The Monero community has long advocated for users to run their own nodes as a means of safeguarding their privacy. When users rely on third-party nodes, they risk exposing their IP addresses, which can be used to link transactions back to them. In contrast, by running their own node, users retain full control over their transaction data and network connections.

Running a personal node ensures that the transaction broadcasted to the Monero network comes directly from the user’s device, rather than passing through a potentially compromised third-party node. This eliminates the possibility of IP address logging and tracking, reinforcing Monero’s privacy guarantees.

The Ongoing Debate Around Monero’s Privacy

The controversy surrounding Chainalysis’ claims is just the latest in a series of debates about the privacy and security of Monero. As regulators and law enforcement agencies worldwide increase their scrutiny of privacy coins, Monero has been at the center of many discussions about how to balance the need for privacy with concerns about illicit activity.

Monero’s privacy features have made it a target for blockchain analytics firms and law enforcement agencies, who argue that privacy coins can be used for money laundering, tax evasion, and other illegal activities. However, the Monero community maintains that privacy is a fundamental right and that Monero’s technology is designed to protect law-abiding citizens from surveillance, not to enable criminal behavior.

Conclusion: Privacy vs. Surveillance in the Crypto World

The Monero community’s rebuttal of Chainalysis’ tracking claims underscores the ongoing tension between privacy-focused cryptocurrencies and the growing demand for regulatory oversight in the digital asset space. While Chainalysis may have found ways to track Monero users by exploiting third-party nodes, the core privacy features of Monero remain intact for users who take the necessary steps to protect themselves, such as running their own nodes.

As the debate over privacy and surveillance in the cryptocurrency world continues, it’s clear that Monero will remain a focal point for discussions about the future of financial privacy and the limits of regulatory reach in decentralized networks.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.

According to Cointelegraph, a leaked video from Chainalysis has raised concerns about the traceability of Monero (XMR) transactions, despite the cryptocurrency's reputation for privacy and confidentiality. The video, which has since been deleted, was accidentally leaked and shared by an anonymous source with Cointelegraph. The footage suggests that Chainalysis may have developed methods to track Monero transactions, potentially undermining the privacy features that Monero is known for.

When approached by Cointelegraph for comment, a spokesperson from Chainalysis declined to provide any statements regarding the leak. The video has also resurfaced on Reddit, posted by a user under the pseudonym _It_, who claims that Chainalysis has been tracking Monero transactions since 2021 using its own “malicious” Monero nodes. The user explained that by running a large number of XMR nodes from various geographical locations and ISPs, Chainalysis could capture transaction IP addresses and timestamps. This data, combined with fake “decoy” inputs, could potentially reduce the anonymity of Monero transactions.

The implications of this leak are significant, as Monero has marketed itself as a secure and untraceable cryptocurrency. The potential ability of Chainalysis to track Monero transactions could have far-reaching consequences for users who rely on the privacy features of the cryptocurrency. Cointelegraph has also reached out to Monero for comment on the situation.

A leaked Chainalysis video suggests that Monero transactions could be traceable despite the privacy-preserving nature of the blockchain.

Chainalysis has accidentally leaked a video on their tracking methods related to the Monero (XMR) token, which has since been deleted.

Chainalysis’ potential ability to track Monero transactions raises worrying concerns since Monero brands itself as the “secure, private, untraceable cryptocurrency that keeps your money confidential.”

When Cointelegraph approached the onchain intelligence firm about the leak, a Chainalysis spokesperson said that they “have no comment to share at this time.”

Leaked Monero tracking video. Source: Cointelegraph

A copy of the leaked Monero tracing video was shared by an anonymous source with Cointelegraph.

Leaked Monero tracking video. Source: Cointelegraph

Can Chainalysis track Monero IPs via its own “malicious nodes?”

Images of the leaked video re-emerged on the social media platform Reddit, posted by pseudonymous user _It_.

The user claims that the leaked video shows how Chainalysis is tracking Monero transactions back to 2021, through its own “malicious” Monero nodes. The user wrote:

“Run a large number of XMR nodes from various geographical locations and ISPs to capture transaction IP addresses and time stamps. Transaction feed (IP and everything) from one or more popular wallets’ default nodes…”

Combined with fake “decoy” inputs, this method can “reduce anonymity” around Monero transactions, claimed the user.

Screenshot from leaked Monero tracing video. Source: Cointelegraph

Cointelegraph approached Monero for comment.

Privacy is playing a crucial role in the actual world of cryptocurrencies which was not very popular few years ago. Due to increasing problems with the protection of information, cryptocurrencies such as Monero and Zcash are now trending. These coins emphasis on anonymity in the transaction and the fact that the transactions taking place cannot be tracked, unlike other conventional coins such as the Bitcoins. 

Monero and Zcash are relatively similar in their objectives, which is the users’ anonymity, but the extent to which they implement it is quite distinct. This article aim now at comparing the two leading privacy coins at the core and in their distinctive features. 

Monero: Privacy Preserving by Default 

It should be noted that Monero (XMR) is on the list of the most secure and anonymous cryptocurrencies. Unlike Bitcoin, all the transactions are transparent and easily traceable whereas Monero utilizes the most complex hashing algorithms to ensure that all transactions are fully anonymous. This privacy is the supplied default setting for every transaction which makes Monero the preferred option for users in need of an anonymous currency. 

Monero uses a combination of three main privacy technologies: Ring signatures, ring confidential transactions (ringct) and stealth addresses. Similar to Stealth addresses Ring signatures conceal the sender ID and one cannot know that initiated the transaction. In the case of RingCT the amount of the transaction does not appear while stealth addresses is that the address of the recipient will not be disclosed. When the four technologies are combined together, Monero guarantees that nobody will ever be able to follow any of the particulars of a transaction. 

However, Monero, which pays much attention to anonymity, is also subject to attention from the not so bright side. It has been associated with the use in the dark web for engaging in criminal activities because it allows the hidings of information relating to the transactions. Authorities and financial watchdogs hate this kind of heightened anonymity to a large extent, but Monero still enjoys backing from privacy enthusiasts who have respect for freedom around the world. 

Zcash: Flexible for Selective Transparency 

Zcash (ZEC) provides a more set a loose on option for the privacy benefit. It is important to point out that the Zcash transactions are not anonymous by default unlike the Monero. However, the users can opt for transparent or shielded transaction. This optional privacy feature makes Zcash capable to attract more users who might need privacy in some transaction but transparency in other. 

Zcash embraces quite an innovative technology known as zk-SNARKs or Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge. This cryptographic is one that enables you to prove that a certain transaction that was performed is authentic without staking any reference to that transaction, the participants or the amount of that transaction. zk-SNARKs seem to be more private than other SNARKs while at the same time being secure for use on blockchains. 

Zcash’s transparent and shielded transaction features make it a very flexible formof privacy coin. One will find it appealing to those people who would wish to have their deals more private than those who are comfortable with a more direct and open agreement. Nevertheless, it has an optional private option that has been condemned since privacy should be the norm on any cryptocurrency that ‘printed’ itself as a privacy coin. 

Moreover, certain sceptics note that zk-SNARKs are more resource-demanding than the private features applied by Monero and result in a higher fee and a longer time of operation. Still, Zcash is one of the most widely used privacy coins with a rather large customer base. 

 Privacy vs. Regulation: A Constant Struggle 

This makes both Monero and Zcash to be under pressure from the regulators since they are mostly associated with the aspect of privacy. Governments are concerned that these privacy coins may be employed in illicit business that includes money laundering and tax evasion among others. Therefore, certain exchanges have removed Monero as well as Zcash so that they won’t encounter an issue with regulations later on. 

Zcash, in contrast to Monero, has always provided an option to create transparent transactions, thus Monero’s privacy by default has made this cryptocurrency more appealing to regulators. However, both coins are still in the middle of controversies that relate to issues of privacy as well as regulation in the blockchain industry. Privacy coins on the other hand provide participants with financial freedom and anonymity which proves to be an issue to governments who are trying to fight AML and KYC rules. 

Nonetheless, the threats from the regulators as mentioned earlier have not deterred investors from investing in the privacy coins. There are more users who are concerned with their identity disclosure and who think that privacy coins protect their financial data. 

 Conclusion 

Monero and Zcash are two biggest examples of approaches towards privacy in the sphere of cryptocurrencies now. Another advantage that Monero has is complete anonymity by default, which will help users to use it without any criticism. That is why Zcash is more versatile and has opted-in privacy features that would make more users comfortable. 

The two coins are not immune to the regulation issues but the concern that they have towards the privacy of the users makes them relevant. Because the trend towards private transactions is gradually gaining more and more popularity in the field of financial transactions, Monero and Zcash will always remain in demand in thecrypto space, providing users with options for safe and anonymous transactions. 

Monero (XMR) has emerged as a standout performer, posting an impressive 11% gain on the weekly charts. This unexpected rally has piqued the interest of investors and analysts alike, raising questions about whether Monero’s uptrend will persist. Let’s dive into the factors driving this surge and explore what could be next for this privacy-focused cryptocurrency.&middot

For the full story, head over to TheCurrencyAnalytics.com.

Monero (XMR) has emerged as a standout performer, defying the bearish trend and posting a 13% gain over the past week. This privacy-centric cryptocurrency continues to move against the grain, drawing attention from analysts and investors alike.

According to Coin Gecko, Monero’s surge in value highlights its resilience in the face of a market downturn that has left many digital assets struggling.&middot

For the full story, head over to TheCurrencyAnalytics.com.

Monero (XMR) remains on the rise, creeping toward a key resistance point, while the same goes for Litecoin (LTC) which struggles to overcome a specific resistance level. Conversely, Cosmos (ATOM) has continued to trade within bearish grounds but is signifying approaching oversold levels. These three cryptocurrencies are at turning points which prepares the market for its shifts.

Monero (XMR) Shows Bullish Momentum, Nears Critical Resistance

Current price:$173.15

Market cap:$3.1B

XMR/USDT 24-hour price chart :Source(Tradingview)

Monero (XMR) has been steadily rising since mid-June, gaining new momentum recently. On the KuCoin exchange, its price reached $174.53, up 2.30% for the day. As the price approaches the previous highs near $180, traders see this level as a potential resistance zone. 

The relative Strength Index (RSI) at 64. 44 thus confirm that XMR is still bullish and the possibility of getting more returns. The MACD also shows a bullish trend and rising histogram bars further confirm the bullish signal.

Litecoin (LTC) Faces Resistance, Struggles to Gain Momentum

Current price:$64.84

Market cap:$4.8B

LTC/USDT 24-hour price chart :Source(Tradingview)

Litecoin (LTC) shows a different pattern, with its price moving sideways . Currently trading at $83.21, LTC has faced selling pressure, reflected in a 1.43% daily decline. The resistance level near $85 has proven challenging, as indicated by low trading volume and a neutral RSI of 47.69. 

The MACD suggests a bearish sentiment, with the line below the signal line. LTC may struggle to break through this resistance without significant buying momentum, potentially leading to further downside.

Cosmos (ATOM) Struggles in Bearish Territory, Approaching Oversold Conditions

Current price:$4.21

Market cap:$1.6B

ATOM/USD 24 hour price chart :Source(Tradingview)

Cosmos (ATOM) experienced a steady decline from March to September 2024, dropping from about $15 to around $6.89 by late August. Despite minor rebounds, ATOM struggled to maintain upward momentum, stabilizing between $6.50 and $7.00. 

The RSI at 35.81 signals that ATOM is nearing oversold conditions, hinting at potential further declines. The MACD, although still bearish, shows a narrowing gap between the lines, suggesting a possible shift in momentum. However, ATOM’s overall sentiment remains bearish without a strong bullish catalyst.

The post Pump or Dump Dilemma for Litecoin (LTC), Monero (XMR) & Cosmos (ATOM) for Next Week appeared first on Crypto News Land.

Monero tops the weekly gainers list; will XMR's uptrend continue?

A strong outlier in the current market situation, Monero (XMR) moves against the broader downturn that plagues the market. According to CoinGecko, Monero gained nearly 13% since last week, putting the coin under the spotlight as one of the strongest gainers within the bear market. 

Monero’s simplicity lends itself to its focus on privacy and reliability, providing great value for both investors and users of the platform. This led to Monero’s semi-autonomous price movement which might continue despite the market’s bearish nature. 

Monero Utilization Jumps On CoinCards

CoinCards, a gift card vendor, recently released some statistics about cryptocurrency use on its platform. According to the platform, Monero has the monopoly beating Bitcoin in utilization. This huge utilization is due to Monero’s simplicity and utility, garnering the attention of analysts on X. 

Although the market is overwhelmingly bearish, analysts show bullishness with predictions about XMR’s future performance. 

“While everything else looks like pre-death, the privacy coin is making higher lows and higher highs. Complete decoupling from the market,” said Crypto Van Der Linde, a cryptanalyst on the X platform. 

Although Binance and Kraken have delisted XMR for their customers, the token still has a large user base that is mostly concerned with their privacy. With more individuals considering privacy to be a core issue, we might see cryptocurrency users using XMR despite its downsides of slow transaction times. 

Rally Turns Sluggish

As of writing, Monero is well between the $170-$174 trading range giving the bulls a great position for more upside potential. However, the market’s bearishness has bled through to XMR’s market, slowing down gains in the long term. 

XMR’s less-than-significant correlation with Bitcoin makes the coin more attractive to investors scouring the market for profit-generating cryptocurrencies within the bearish market. The relative strength index (RSI) shows that although the coin has bullish momentum, XMR bulls are nearing exhaustion in the short term. 

The coin’s trading range is pretty weak as the bears are gathering momentum to cancel out short-term gains. Long-term, however, it seems that XMR bulls will rest and gather momentum before another attempt to regain lost ground. 

As it currently stands, XMR eyes a breakthrough on $190 in the short term, providing a support level for the bulls to prepare for a strong upward movement. After this movement, investors and traders can target $200 in the long term. 

However, if XMR succumbs to the bearish momentum within the market, the coin might retrace back to $164 with more possible losses in the short term.

Featured image from Chainalysis, chart from TradingView

Source: NewsBTC.com

The post Monero (XMR) Unfazed By Market Jitters, Climbs 13% – Details appeared first on Crypto Breaking News.

Current price:$175.6

Market cap:$3.1B

Monero (XMR) is the most popular privacy-oriented cryptocurrency. The coin was created in 2014 to provide complete privacy protection in all currency system tools. Unlike Bitcoin, Monero’s superior encryption means a user’s transactions are impossible to trace; hence, their privacy remains intact. However, recently, Monero faced a major challenge after Binance, one of the largest exchanges, announced that it would delist Monero alongside other privacy coins. This measure aligns with Binance’s endeavors to align with international laws within its platforms.

The overwhelming support of the community behind Monero and the strong market interest in privacy-oriented digital currencies may help to maintain its price level. 

Source(tradingview): XMR/USDT 24 -hour price chart

Monero is trading at $175.25, a 4.09% increase, and its 24-hour trading volume is $75 million. Moreover, Monero's future is uncertain with respect to these regulatory issues. However, Monero is still able to maintain some of its loyal customers who are consistently drawn to privacy and security.

Chainlink(LINK) Continues to Thrive in the DeFi Sector

Current price:$10.30

Market cap:$6.2B

In 2017, Chainlink(LINK) was established and functions via a network of oracles, thus permitting secure blockchains that can accept external data, events, and payment methods. It is only logical that this technology has become indispensable for realizing smart contracts as the preferred mode of transacting. The increase in partnerships and integrations of Chainlink stands to cement its market position further .

Source(tradingview): LINK/USDT 24-hour price chart

At the time of writing, LINK was trading at $10.69,a 0.98% decline in the past 24-hours.

With the continued rise of the DeFi industry, Chainlink is anticipated to prove to be an important asset in decentralized finance. If Monero is still worrying about compliance, there is still some optimism for Chainlink moving forward, as it is adopting more projects and strengthening its presence in the blockchain world.

The post Future of Monero (XMR) and Chainlink (LINK): Will They Continue Uptrend? appeared first on Crypto News Land.

Monero (XMR) is drawing attention as it holds steady at $175 after a dip to $105 during the August correction. Boasting a market capitalization of $3.23 billion and a 24-hour trading volume of $84.23 million, the recent price activity might be tied to the rising interest in privacy coins.

XMR Key Statistics

Current Price: $175

Market Cap: $3.23 billion

Trading Volume (24h): $84.23 million

Circulating Supply: 18.45 million XMR

Total Supply: 18.45 million XMR

CoinMarketCap Ranking: #25

Over the past 30 days, Monero’s value has decreased by 0.52% from its peak but has risen by 1.86% over the last 7 days. Despite a challenging market environment, XMR has demonstrated resilience, bouncing back with a 27.86% increase from its lowest price over the past month and a 14.07% gain in the last week alone.

XMR/USD Market Analysis

Key Levels:

Resistance: $179, $185, $190

Support: $163, $147, $140

XMRUSD – Daily Chart

XMR/USD is currently testing a significant resistance near the $179 level. The price is approaching the upper Bollinger Band, indicating a potential for continued upward momentum. The MACD line has crossed above the signal line, suggesting that the bullish momentum may strengthen. If XMR manages to break above the $179 resistance, it could target the next resistance levels at $185 and $190. However, failure to break this resistance might lead to a pullback towards the $163 support level.

What’s Driving the Surge in Monero’s Popularity?

The surge in interest in Monero might be attributed to its recent upgrade, which further enhanced the difficulty of tracking private transactions. XMR’s popularity also increased following the arrest of Pavel Durov, co-founder of Telegram. Despite efforts to de-anonymize certain assets for legal reasons, the demand for privacy remains a key priority for a segment of the crypto community.

The cryptocurrency has shown strong recovery capabilities, maintaining its position above critical support levels. If the MACD line continues to rise and the price holds above $175, Monero could see further gains toward the $185.00 resistance level

Monero’s Bullish Run Continues

XMR/BTC Performance Insights

In the XMR/BTC pair, Monero is trading at 0.003103 BTC, having recently tested resistance near the 0.003117 BTC level. The pair is currently near the upper Bollinger Band, suggesting potential resistance in the market. The MACD also indicates a bullish bias, but caution is advised as the pair could encounter selling pressure near this resistance. A break above 0.003117 BTC could pave the way for gains towards 0.003200 BTC, while a decline might see support tested around 0.002734 BTC.

XMRBTC – Daily Chart

However, @johnfoss69, an analyst specializing in Monero and Bitcoin, highlights on X (formerly Twitter) that many may not pay attention as XMR nears the conclusion of its two-year monthly resistance. Monero’s emphasis on privacy and its robust community position it as a powerful entity, resilient to censorship and control.

People are unprepared for what's coming when Monero breaks its 2-year monthly resistance.

Time to pay attention.

With its privacy-centric design and resilient community, Monero is truly unstoppable, impervious to censorship and control.#monero #xmr pic.twitter.com/yNawOJ8Vgm

— John Foss (@johnfoss69) September 3, 2024

Alternatives to Monero

Monero maintains its strong presence in the market, currently ranked 25th in the crypto space, with ongoing enhancements to its privacy technology. However, a rising competitor, Pepe Unchained ($PEPU), is gaining attention. The project has successfully raised $11.8 million during its presale and is preparing for a significant DEX launch. Notably, the presale is open to all investors.

The centerpiece of this initiative is the Pepe Chain, which aims to address typical challenges in the meme coin market by delivering faster transaction speeds and reduced fees, all while maintaining compatibility with the Ethereum blockchain. The project features a staking protocol that enables holders of the native $PEPU token to lock their tokens and earn rewards, with current annual yields projected at 177% and over 902 million $PEPU already staked.

Make Life-Changing Money With Pepe Unchained

Early backers have the opportunity to purchase $PEPU tokens at a price of $0.0094226 each during the presale, with high expectations for continued growth as the project approaches its next funding milestone. The project is rapidly gaining momentum, as demonstrated by its active and engaging community, which boasts over 12K X followers and 6.4K Telegram subscribers.

As Pepe Unchained progresses, it offers an appealing opportunity for those seeking to take advantage of the next wave of meme coin investments.

Visit Pepe Unchained

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Monero Faces Uncertainty After Binance Delists Its Support

Current price:$172.52

Market cap:$3.1B

Monero (XMR) will find itself in new trouble after Binance announced that it would remove the coin from its offering because of how sensitive it is to privacy concerns. Such action is in line with the objectives of the company which is to bring more regulation into the system and avoid all forms of reputation risk. However, it seems that there are enough prices for Monero if the privacy needs grow to the ever-present privacy-protecting community. At present, the price of Monero is about 160.25 with the turnover during the last 24 hours being 85 million.

Chainlink(LINK) Place in DeFi Is More Solid Than Ever

Current price:$10.59

Market cap:$6.4B

Chainlink (LINK) comes as one of satisfactory oracles for smart contracts overall, developed as a Debank within the localized OVM layer with efficient arbitration through smart contracts. This feature is crucial in the functioning of several DeFi applications making Chainlink an integral backbone in the house of blockchains. Chainlink has its sights set on about $7. 80 percent of $300 million trading volume with regard to the fact that as DeFi becomes more adopted, the necessity of its functionality will also increase. The market share of Chainlink is further bolstered by the increase in the number of partnerships and linkages to other blockchain systems.

Avalanche(AVAX): An Alternative to Ethereum With A Flexible Design

Current price:$22.30

Market cap:$9.0B

Avalanche (AVAX) is rapidly gaining popularity among layer one blockchains in the course of competing to outdo Ethereum with efficient transaction speeds and enhanced scalability. Offering a unique architectural model capable of housing three different blockchains such as the X-chain and C chain, it has been very possible for Avalanche to endorse over 6500 transactions in a second while remaining scalable. Once the mainnet was rolled out in 2020, projects to its infrastructure such as Virtual Machines supporting Swal and TrueUSD have flown towards Avalanche. With enhanced connections established between Ethereum and Avalanche, the latter position enables it to command the future of the blockchain.

Polygon Actively Improves Content Creation Using Ethereum

Current price:$0.4087

Market cap:$4.0B

Polygon (MATIC) has recently taken the app publishers’ floor position for L2 scaling solutions, providing developers with all the necessary instruments for creating and scaling DApps. Being there in the form of Binance and Coinbase, Polygon utilizes its plasma technology and PoS technology to process 65000 TPS on one side chain. This kind of throughput along with speed of confirming blocks recommends polygon to developers who are developing applications and facing the limitations of ethereum handling capacities. In addition to the above crypto processes, the native Matic entails a token known as Matic.com which is the management token for Dapps funds and is also employed in the regulation of the blockchain networks.

VeChain's Enterprise Solutions Drive Blockchain Adoption

Current price:$0.02168

Market cap:$1.7B

What sets VeChain (VET) apart in the sphere of blockchain technology is the technology’s attention to addressing the needs of the market. VeChain’s parent company was established in 2015 and has dynamically created a multipurpose IoT-supported blockchain based platform to tackle data issues in different sectors. Enterprises prefer VeChain's blockchain which has a two-token mechanism (VET and VTHO) as this results in very low and predictable transaction fees. More innovative projects from the platform like the VeBetterDAO, show that the company aims at fostering the use of its platform through use of incentivized sustainable models. The company remains one of the leaders in the field of enterprise blockchain solutions owing to its inability to forget about the practical application of the technology.

The post Top 5 Cryptocurrencies to Watch: Monero, Chainlink, Avalanche, Polygon, and VeChain this week appeared first on Crypto News Land.

Monero (XMR), one of the few cryptocurrencies that emphasizes anonymous transactions, has seen a rise in value in the last week. This is notable news considering crypto market is in the downtrend.

According to data from CoinMarketCap, the XMR price pumped by 10% in the last seven days, making it one of the biggest gainers among the top 100 cryptos. Right now, its trading at $172.69.

However, Twitter analyst “Dog Dad Devan” made his 19.8k followers understand that the crypto bull cycle hasn’t even started yet, but it can be seen by looking at the weekly Monero $XMR Chart.

The best indicator that the crypto bull cycle hasn’t even started yet can be seen simply by looking at the weekly Monero $XMR chart:– privacy utility – 2nd most used coin on the dark web– no bull cycle yet2017 $1 > $3802021 $29 > $5002024 $100 > $174 (so far) pic.twitter.com/B0oVjtGgOB

— Dog Dad Devan | GM (@dogdaddevan) September 3, 2024

Monero’s ($XMR): Reasons for Price Increase

Dog Dad Devan stated that a major reason for XMR’s price increase is due to its robust privacy features. For those who value privacy in their digital transactions, it continues to be one of the few cryptocurrencies offering true anonymity.

This usefulness, combined with growing concerns over data privacy, has led to a progressive price increase in 2024.

The analyst also mentioned that XMR is the second most popular coin on the dark web, where users highly value its privacy features.  

Moreover, the correlation between Monero and the dark web is beginning to attract regulatory attention, but it also increases the demand for Monero and raises its price in the larger market.

Next Meme Coin to Explode? Look No Further If You Are Looking for the Next PEPE or POPCAT

Meet PandaWorld, the new meme coin currently selling at discounted presale prices! The project was inspired by the adventures of six panda siblings, utilizing their unique abilities to bring together gaming, staking, and other features.

Show more +Show less – Monero ($XMR) Price History

In the past, Monero has grown significantly during previous bull markets. In 2017, its price surged from $1 to $380, while in 2021, it witnessed another rally rising from $29 to $500.

However, these spikes coincided with overall bullish trends in the crypto market, indicating its potential for strong upward momentum during peaks.

As of 2024, the price of Monero has been slower to accelerate. Starting at $100, it has only gotten to $174 so far. Some traders think Monero is ready for a future rebound as the market as a whole continues to change, despite the sluggish price movement.

Finally, broader market trends and growing consumer demands for privacy in digital transactions will probably determine Monero’s future route. Monero’s unique value proposition could potentially play a larger role in the crypto space.

Read Also: How Bitcoin ETFs Affect BTC and Crypto Prices

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The post Why Is Monero (XMR) Price Up? appeared first on CaptainAltcoin.

Monero ($XMR) nears key resistance at $175, with potential to reach $177.

Increased trading volume and derivative activity support Monero’s bullish trend.

RSI suggests $XMR is nearing overbought levels, while MACD confirms ongoing positive momentum.

Monero (XMR) has experienced a notable uptrend recently, trading at $175.01, marking a 1.47% gain over the past 24 hours. This positive shift in Monero’s price can be attributed to a series of bullish movements that have unfolded over the past few days. 

The cryptocurrency has steadily climbed from a low of around $172.55 to its current level, displaying a consistent pattern of higher highs and higher lows. This price action suggests a strong bullish momentum in the short term.

In analyzing the key support and resistance levels for Monero, several insights emerge. The immediate support level is found around $172.50. This area has previously provided a base for the price before its recent upward surge. 

Additionally, a deeper support level exists at $171, which has also demonstrated its ability to trigger a price rebound.

Source: Coinmarketcap

On the resistance front, Monero is currently testing the $1…

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Litecoin and Monero are the leading-edge currencies in the virtual currency group, each boasting clear advantages for investors. On the one hand, Litecoin has high-speed transactions, and Monero has the best privacy options in the market today. Hence, each cryptocurrency is staking its claim in the industry. These cryptocurrency assets will have a bright future as a more enhanced and convenient alternative to traditional payment methods will always be in demand.

Litecoin (LTC): A Quick Rise in the World of Cryptocurrency

Current price:$64.44

Market cap:$4.8b

Litecoin continues to astonish the market with its steadfast performance and constant technological improvement. Like Litecoin and its technology, it has achieved a decent share in the crypto sphere since October 2011 by offering fast, safe, and cheap transactions. As for the peculiarities, this currency is characterized by a distinguishing feature, unlike Bitcoin, where the block generation time is only 2. 5 minutes and transaction cost is low, making it suitable for micropayments and POS terminal uses. 

Monero (XMR): Leading Privacy Cryptocurrencies through Sophisticated Technology.

Current price:$167.22

Market cap:3.0B

At the same time, Monero (XMR) earns its place in crypto by putting rather privacy & security first. Founded in 2014, Monero has been providing means to make this kind of transaction, which does not let the user’s identity be revealed while utilizing reliable means of concealing transactions performed on the log. With such a concentration on confidentiality to the users, Monero is not just another meme-based coin facing multiple third-party contributions but one of the core parts of the strategy, privacy-oriented cryptocurrencies.

Market Outlook: LTC And XMR Will Have Good Future And Positive Trends

Litecoin and Monero are expected to continue this upward trend in the forthcoming years. Analysts are still positive about them, arguing that the need for powerful and safe payment interfaces continues to grow. The current market demands fast platforms for making payments, while Monero’s focus on privacy always encourages the market presence of investment interests.

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