Monero [XMR], the privacy-centric token saw a massive bullish wave to become the second highest gainer in the market on April 1. Two significant announcements helped the coin overtake IOTA [MIOTA] on the coin ladder, while Dash [DASH], following its protocol update saw, a 12 percent rise and bumped up by two spots.
The primary catalyst to the surge was the integration announcement by exchange Tokenomy on April 1. Following the integration of another privacy-centric cryptocurrency Zcash [ZEC], the Indonesian exchange announced that Monero would also be listed on their services in the trading pair XMR/BTC.
Since Monero is a Proof-of-Work [PoW] coin, the fear of a 51% attack does persist. However, a recent report suggested that coins like Monero, Dash and Bitcoin [BTC] had little to fear in this regard.
Following the coins’ March 9 hard fork, the fear of ASIC-chip related illegal mining, security lapses, and privacy drawbacks had been addressed, which added to the coin’s claim of enhanced safety. Updates have also been regularly flowing out of the XMR community.
Additionally, a recent report from Messari, which looked at mining revenues of PoW coins, placed Monero on the eighth spot. XMR accounted for over $110,000 of new issuances while charging a few of $131.95. It should be noted that Monero was below competing coins like Zcash, DASH, and Ethereum Classic [ETC].
Monero’s price pump began at 1600 UTC on March 31, when the coin shot up by 4.41 percent to reach $56.49 in three hours. After dropping to $55.41, the coin surged by 4.55 percent to reach $57.75 by 0800 UTC on the following day. Since then, the coin has dipped to $57.51 at press time price, and its highest in over three months.
From a valuation lens, the coin saw a few bittersweet hours, rising above IOTA, while Dash surged above the two to take the thirteenth spot behind Bitcoin SV [BSV]. The market cap shot up in two waves, the first saw a 6.07 percent rise to $953.12 million, following which the coin dropped to $936.3 million. The second wave pushed the coin up by 4.17 percent to reach $975.41 million. At press time, the coin’s market cap stood at $971 million.
In terms of exchange dominance, the recently-hacked South Korean exchange Bithumb took the top spot in global XMR volume, accounting for 62.83 percent of the total trade volume via the trading pair XMR/KRW. Other notable exchanges on the list were BiteBTC, CHAOEX, and HitBTC.
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