The privacy-focused crypto asset monero has seen significant gains over the past two weeks, jumping 36% in value against the US dollar. Despite negative press from “Spider-Man: No Way Home” torrents with monero mining malware, seven-day statistics show the crypto asset has gained over 21%.
Monero sees double-digit gains amid mining malware headlines
The privacy-focused monero digital currency (XMR) saw double-digit gains this week, as much of the crypto economy suffered losses and experienced a period of consolidation. Just recently, XMR made headlines after a cybersecurity firm warned that torrent files containing the movie “Spider-Man: No Way Home” could contain monero mining malware.
Reports of mining malware have plagued the Monero community for years, as some apps exist that hijack a victim’s CPU and then mine monero without the victim’s knowledge. The act is sometimes referred to as “cryptojacking”.
Since the start of the year, the monero (XMR) has gained 58% against the US dollar and the crypto asset has a market cap of around $ 4.4 billion, ranked 44th out of 12,135 crypto assets. XMR represents 0.19% of the $ 2.3 trillion crypto-economy as of January 1, 2022.
XMR has a 24 hour price range of around $ 227.51 to $ 248.45 per unit and the Tie (USDT) is the largest trading pair in the asset with 42% of all trades. Next come BTC (18.39%), ETH (7.83%), USD (5.94%), EUR (3.35%), GBP (2.32%) and JPY (2.32%).
Monero (XMR) is an open source digital currency network based on Cryptonote technology created by Nicolas van Saberhagen in 2013. The blockchain network is said to be obscured, but blockchain monitoring company Ciphertrace claims to have monero tracing capabilities.
The project’s privacy techniques include obfuscation of IP addresses, ring signatures, zero-knowledge evidence, bullet-proofs, and stealth addresses. At the end of August 2021, a Monero developer announced BTC to XMR atomic exchange capabilities. Additionally, monero (XMR) is operated in a number of darknet markets.
Monero also faces many private coin competitors such as horizen (ZEN), dash (DASH) and zcash (ZEC). The ZEN, for example, has gained 438% year-to-date against the US dollar and the ZEC has risen 130.8% last year.
What do you think about the 36% jump in the value of the monero against the US dollar over the past two weeks amid reports of mining malware? Let us know what you think of this topic in the comments section below.
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