As successfully predicted in our last post, the price of Monero has increased even more after Bithumb began trading today. Enticing it’s members to make deposits with special bonuses and premiums, the South Korean exchange helped make Monero become the 5th most valuable currency (up from 11th), while also contributing to its rise to over $130.
As always, this leads us to the question – A bubble.. or not a bubble?
It’s fairly rare for a cryptocurrency to increase to such heights, take a tumble and then not increase further than it was originally.
Take Bitcoin for example:
Back in May, bitcoin surpassed $2500, an unheard of price
Then in July it spiralled to around than $1900 as the future of the currency became uncertain
After the Bitcoin Cash fork however, it is now trading at almost $4500
So, back to Monero.. we should start to see it stabilise a bit after initial trading has died down. This may mean a slight loss of value, but shouldn’t be too drastic as many more people now own and believe in Monero, and they wouldn’t want their assets to lose their value too much!
Around 50% of our hashing power currently goes towards mining Monero, so we definitely believe it’s value will stay high and – with the current difficulty rate – should remain profitable to mine for some time.
Have you invested in Monero since our last blog post? Was it particularly successful? Tell us in the comments below!