Since the beginning of 2022, Monero (XMR), a popular privacy coin has seen a surge in value. The crypto market is trending sideways and the cryptocurrency seems to be making its moves on its own.
Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally| Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally
Recently, XMR bulls seem to be showing greater strength. XMR currently trades at $285, with a 6% profit within 24 hours and a 34% & 50% profit respectively in the past two weeks, and 30 days.
As announced by one of Monero’s maintainers via a post, The network will undergo an upgrade on July 16th2022 at the peak block 2.6 million. The “Fluorine Fermi” update will introduce new features to the network.
Monero plans to increase the size of its ring from 11 to 16, as stated by the developer. Monero will increase its ring size from 11 to 16. As part of this network’s unique model, the update will provide users with more base privacy.
The network will also implement an updated version of the Bulletproofs algorithm, which is expected to reduce transaction sizes by approximately 7%. This change is supposed to improve the network’s scalability by making “every transaction lighter and faster”.
On the latter, the network will reduce the wallet’s sync time by around 30 to 40%, the post said, and will implement a change to Monero’s fee model. Thus, users can expect to see an uptick in the network’s “security and resilience”.
The update will deploy via a Hard Fork. Users and node operators must update their software. Following was the request of the maintainer to users:
An updated release of software will be available before the network upgrade, which is expected to occur around the 16th Juni. Only the new software must be used by you when the network upgrade takes place (16 July). It will appear to be a straightforward software upgrade for the user.
#Monero will undergo a network upgrade on July 16th, 2022:https://t.co/9NKlGtqXAn
Users will only need to keep their wallets up-to-date, upgrade their nodes when v0.18 becomes available (June 16th), then enjoy better digital money.😎
— Monero (XMR) (@monero) April 20, 2022
Is Monero a potential danger to the crypto market?
It’s possible that Monero’s recent price action is due to its upcoming network update. They are significant and provide users with new interesting features.
Material Indicators’ (MI) data indicates an increase in retail investor buying during April. Investors with larger ask orders than $10,000 are selling to the rally. Unless large investors class step up, XMR is at risk of a quick-term decline.
Related Reading | Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act
Jarvis Labs has provided further data to indicate a possible danger for all crypto markets. According to their “Dino Index” (comprise of Ethereum Classic, Zcash, Litecoin, Bitcoin Cash, and others), a metric to track the performance of these assets to show their inverse correlation with the crypto market, there could be some obstacles ahead. Jarvis Labs shared this via Telegram Channel
It is quite obvious that most of these dino coin rises and btc falls, so it makes more sense to profit take or hedge the risk. Instead, look out for market tops.
