The crypto sector made a rebound over the course of this week, with major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) recording 20% increases in the past seven days.
Bitcoin soared 15% in just 24 hours, despite the fact that the stock market continues to fall. However, Monero has managed to outperform Bitcoin by gains day by day last week.
Monero, a privacy-oriented cryptocurrency, is currently at 11th place in CoinMarketCap’s rankings. Despite the low market share of little under $1 billion, Monero has been making better gains than Bitcoin since last week. Monero is also dubbed as a better privacy option than the world’s best cryptocurrency.
The reason behind Monero’s price peak was at first unclear, but crypto analysts discovered the possible reason behind Monero’s price peak. The Monero development team recently released an update to XMR’s Carbon Chameleon software protocol. The software aims to improve transaction execution and the crypto workings with Tor and I2P.
Also, Monero, as well as other privacy-oriented cryptos, gained increased interest from high-profile investors and tech giants. For example, the CEO of Coinbase Brian Armstrong stated his confidence about the creation of privacy-oriented coins and tokens in a blog post in January 2020.
“My opinion is that privacy will be integrated into one of the biggest networks to date in the 2020s. Just like the HTTPS protocol, the implementation of privacy tokens will receive mass adoption across the tech sector in the next decade,” Armstrong added.
Monero also saw support from John McAfee, a key figure in the field of antivirus protection. McAfee gave Monero, as well as Ethereum, praises for being innovative, stating that “Despite Bitcoin being the first blockchain network to go mainstream, its underlying technology is ancient.”
“Most of the newest blockchain projects offer increased privacy options, smart contract usability, as well as distributed applications.”, McAfee concluded.
Marketwise, most of the top-50 cryptocurrencies are performing well, wiping out the damage inflicted from the recent market drops. Bitcoin (BTC) is up to nine percent, currently trading at $6,913.61. Ethereum recorded a double-digit price increase, jumping 10,36% over the week. As of press time, Ethereum trades at $144.44.
IOTA, Cardano, Chainlink, and Bitcoin Cash are among the top performers, all with double-digit price increases, mainly in the 10-12% region weekly. NEM and MKR are trading in the red, with a 2-3% price decrease over the course of the week.