Bitcoin rebounds amidst Coronavirus economic shutdown! Bitcoin rebounds as well as other traditional safe havens, but Monero has gained 5% while Bitcoin gained 2%.
XMR (Monero) is a privacy focused cryptocurrency and is ranked 11th according to CoinMarketCap with a total value of just under $1 billion.
There isn’t a precise reason why Monero is trading so well. There have been positive news for Monero, however. Developers recently rolled out its Carbon Chameleon software update which was designed to improve transaction execution and how cryptocurrency works with Tor and I2P.
“I think we’ll also see privacy integrated into one of the dominant chains in the 2020s,” Coinbase’s chief executive Brian Armstrong wrote in a blog post back in January.
Even John McAfee praised Monero. McAfee’s claim to fame is as the enigmatic if not outspoken antivirus software developer and US presidential candidate. He named Monero his cryptocurrency of choice earlier this year. He also famously was quoted as saying that he would “eat [his] own dick on national television” if bitcoin didn’t hit $500,000 per bitcoin by the end of 2020. Ironically, his runner up cryptocurrency of choice was Ethereum, not bitcoin.
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