Bulls Surprise the Crypto Market with Monero [XMR]: 07/23

Bulls Surprise the Crypto Market with Monero [XMR]: 07/23 13

A full-time roller-coaster is taking place in the cryptocurrency market. At this point, any forecast concluded from the digital asset’s movement only would be of weak foot-stand.

Following a strong run by the bulls the past week, bears are having their saying for the last couple of days. This includes all coins except the #1 by market cap Bitcoin (BTC) and for a slight change Monero [XMR].

Monero XMR Upwards

Traditionally, in the crypto-verse altcoins follow quite exactly the movement of the lead one. Maybe not completely with changes depending on any event or announcement, however the trends are quite similar. However, for the past seven-days Bitcoin as no stop as it s changing hands right now at $7,730 against the US Dollar.

XMR Trading BTC

Source: coinmarketcap

One of the tokens that is standing out as the most gainer for the last 24-hours is Monero XMR. The pair XRM/USD is on the green with 4.47% gain for the last 24-hours [most out of the 20-topcoins].

According to Monero’s website, it is a fast, private and secure digital currency. It looks very similar to Bitcoin. But, while Bitcoin is a digital money, Monero is an “untraceable” digital money.

Bitcoin is designed that way that people are able to view all transactions on the blockchain. However, as this feature is useful for tracking government expenses, non-profit spending, etc. some might not be that comfortable with everybody tracking their transactions on the network.

Monero Bulletproofs

The privacy-oriented coin has recently announced that a third-party has just completed a technical audit for the ‘bulletproofs’ protocol. For those who are unaware, bulletproofs is a zero-knowledge proof (ZK-Snarks) related improvement protocol that was proposed last December.

An official post explains how the bulletproofs allow for smaller, cheaper and faster transactions while making scaling for Monero much easier.

Overall, bulletproofs represent a huge advancement in Monero transactions. We get massive space savings, better verification times, and lower fees. – The blog post stated

For the time being, there are two types of bulletproofs in-the-making:

  • Single Output – Allowing transactions to be 80% smaller. This will result in a subsequent 80% fee rate taken for bulletproof-backed transactions.
  • Multiple Output – Even smaller sized transaction concluding with very low fees.