Cryptocurrency prices surge

Many people have noticed the price of Bitcoin increasing dramatically over the past few months, which has clearly been due to its increased popularity in China as the yuan has fallen. What many have not noticed, though, is the extremely high growth of Monero in the past month.

When I first heard about Monero in July, its price had recently jumped to $1.50. I knew it was extremely useful as a real private cyrptocurrency, unlike bitcoin, so it was popular within the criminal culture. Any currency not worth fractions of cents could have plenty of potential, as only a select few get any traction. Despite the decent price for an alt-coin, I moved on. I hadn’t heard or seen much about it since then except for the occasional article about how criminals are drug markets are using it more often, but glancing at the price today I found it is now at 16 dollars!

Monero 30 day chart

Monero half year chart

A quick search has not provided much info as to why the price has x12 since the summer, and doubled in the past month, but I believe the steady adoption on the dark web and markets, as well as its popularity in mining as no ASIC boards have been created for it yet, and the continual economic pressure to use cryptocurrency in China has all contributed to its rapid popularity.

Monero is definitely a currency to keep an eye on, as it has even better gains than Bitcoin on the same timescale:

BTC half year chart

Long term, I believe Monero will continue to gain as it has a much more practical use than bitcoin since it’s more private. It’s hard to say what bitcoin will do, as the pressure from China is unpredictable, and although the markets have reacted well to Trump being elected, multiple bubbles exist that could pop in the upcoming year around the world, although the USA might be insulated considering the dollar buy happening as Trump has promised to bring jobs back to the US, thereby hurting much of Asia and everywhere the US has outsourced.

Ultimately, I believe Monero is a safer bet than bitcoin because of its utility, which should allow it to begin to compete with bitcoin’s popularity and oversaturation.

Happy Holidays and Happy Hacking