Monero’s XMR has been seeing massive gains recently. This is despite a piece of malware that has been concerning the cryptocurrency crowd. XMR tested the $300 resistance level on Thursday after seeing its second consecutive bullish market sentiment.
What is Monero’s XMR?
Monero is an open-source cryptocurrency created in April 2014. It focuses on privacy and decentralization. It runs on Windows, macOS, Linux, Android, and FreeBSD.
Monero’s token, XMR, has enjoyed a steady increase in adoption since its release. Dark web marketplaces including AlphaBay and Oasis have embraced the cryptocurrency, reportedly due to popular demand.
Monero’s Malware Controversy
Monero hit the headlines recently thanks to a piece of malware mining it in secret on Android devices. The malware redirects users to websites that tap into a device’s processing power to mine the Monero cryptocurrency.
For example, U.S. online news publication, Salon has adopted this unconventional alternative to ads to make money. They are using a reader’s computing power to mine Monero.
The way they do is by giving readers that don’t want ads to appear on content an option to “suppress ads.” This allows Salon to use a reader’s unused computing power to mine virtual currency.
XMR Price Action
XMR saw similar types of patterns in terms of gains and pullbacks as other major cryptos in the past month. XMR/USD has pierced through the 50% Fibonacci retracement level of $273. It is testing the $300 level at the time of writing.
The pair remains below the daily Ichimoku cloud. However, the Tenkan line appears to be crossing above the Kiju line, signaling the medium-term bullish momentum to continue.
On the other hand, the future cloud remains bearish.
Monero is the 13th largest cryptocurrency by market cap. At $4,720,573,463 it trails behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, Stellar, NEO, EOS, IOTA, Dash, and NEM.
Monero’s market operates like that of many other cryptocurrencies. Those interested in investing in the cryptocurrency can purchase it outright through exchanges including Binance, Bitfinex, and Kraken.
According to their website, with Monero, you are “your own bank. Only you control and are responsible for your funds. Your accounts and transactions are kept private from prying eyes.”