Privacy coin Monero is currently outpacing Bitcoin in the crypto market with the coin gaining 4.62% on the USD in the last 24 hours. XMR which is the 11th largest coin based on marketcap is currently valued at $55.05 at the time of writing.
Although the crypto market is generally bullish, Monero’s recent rise in value could be connected to the events of yesterday.
McAfee referred to Monero as the future after retracting Bitcoin statement
Newslogical had reported that popular Bitcoin supporter John McAfee had backtracked on his statement that Bitcoin would hit $1 million in 2020. According to McAfee, the prediction was a ruse to gain more users to the leading coin and he quipped that Bitcoin’s technology was old.
This scathing admission was a major talking point within the crypto community as McAfee is a major supporter of Bitcoin.
When quizzed on what coin was the future, McAfee mentioned Monero due to its anonymity and decentralization.
Monero is regarded as one of the top crypto projects
Monero has long been seen as one of the fully decentralized blockchain platforms, with its emphasis on privacy. The privacy coin is one of the projects that has always fascinated the crypto world as transactions on its network are nearly impossible to track.
The coin has been making decent forays into partnerships, with several potential businesses on the horizon for XMR.
2019 was a good year for the coin as it was announced that the blockchain would be partnering with a hotel booking website Trippkki. This partnership is important to Monero as Trippkki has over 500,000 hotels registered on its platform.
XMR was also taken as a payment option on the Trezor platform which would allow users to purchase Trezos hardware specific to XMR. In addition to utilizing the coin as a means of building your portfolio, it is important to note that Monero is arguably the most secured blockchain in the world.
It would be interesting to monitor how its price would move in the coming days as the next resistance point for the coin is $60.