Privacy coins are gaining traction on cryptocurrency market and breaking from the correlation with bleeding Bitcoin and Ethereum
With growing demand for “privacy coin” Monero and other cryptocurrencies that offer an anonymous and secure experience on the blockchain are enjoying rises in their value. XMR gained almost 17% in the last seven days despite the ongoing correction on the crypto market, per CoinMarketCap.
As the data suggests, XMR almost completely ignores the movement of Bitcoin and other digital assets on the market, moving with no correlation for the last two weeks. Despite an almost 60% correction at some point, XMR has already recovered almost half of the loss it took since April.
Despite moving in a downtrend, XMR remains one of the better performing assets on the market since it has one of the lowest levels of correlation with Bitcoin, which had been on a losing streak for weeks.
Another cryptocurrency on the road to privacy
Previously, industry-classic Litecoin cryptocurrency implemented a new update, which brings anonymous transactions to the blockchain. Many centralized exchanges expressed their concerns with the new update and warned users they will not process transactions sent to exchanges with the usage of the new technology.
Monero has always been the least favorite coin on cryptocurrency exchanges as it constantly faces regulatory issues because of Monero’s ability to send anonymous transactions, which made it extremely popular among criminals and money launderers.
At press time, Monero has successfully broken the local resistance at $200 and is now trading at around $205. The coin has also faced the first serious resistance in its way, which is the 200-day moving average.