Why is Monero (XMR) Performing so Badly? - Crypto Coin Press - Crypto News, ICO's, Analysis, Live Prices

Why is Monero (XMR) Performing so Badly?

  • XMR down over 37% against BTC
  • While up 111% against the USD, still down 80% from its ATH
  • Is Monero an exclusive case? Scary flaw in play?
  • Monero is having quite a month.

First, XMR price went from about $80 in early June to $120 on June 24th, surging 50 percent in about 15 days.

However, as Bitcoin made a pullback, XMR dropped as well just like the rest of the market and tumbled down to right where we started that is at $80.

Today, however, Monero is back on the move as we climbed from $85 from yesterday to today’s highest point at the time of writing $98.4.

Currently, XMR is trading at $96.9 with 24 hours gains of almost 10 percent. The 13th largest cryptocurrency with a market cap of $1.64 billion, meanwhile, is managing the daily trading volume of $15 million, on 10 exchanges with real volume.

XMR price up over 111% till date in 2019 but still down 80% from its ATH Source: TradingView

XMR Down 37% against BTC, Scary Monero Flaw at Play?

On Monero’s deep drop, Adamant Capital’s Tuur Deemester questioned on Twitter on June 5th, “Wondering why Monero / XMR is performing so badly. Any ideas? (I don’t own it).”

This got a lot of response from the community, many citing the vulnerability found in the code as the reason.

Recently, privacy-focused cryptocurrency disclosed nine security vulnerabilities, including one that would have allowed hackers to steal XMR from crypto exchanges.

Rogue Monero miners were hypothetically able to create blocks that were “specifically-created” to force Monero wallets to accept fake deposits by the attacker. This, security researchers in their HackerOne report said could be “exploited to steal money from exchanges.”

Developers also disclosed five DoS attack vectors – including one labeled “critical.”

Monero is not an Exclusive Case

XMR is down over 37% against BTC but it is worth noting that Monero is not the only coin behaving this way, majority of the altcoins are waiting for alt-season to no avail.

XMR/BTC

Top coins are actually down 20 to 70 percent against BTC.

“Most alts look identical to this so it’s not much of an outlier, most are doing poorly,” responded trader Moon Overlord while veteran trader Peter Brandt commented, “The future of alts????”

Since April, when Bitcoin first started pumping, we have witnessed altcoins performing terribly against Bitcoin with only a few exceptions.

Needs More Steps to Protect Privacy

Meanwhile, at MoneroKon 2019, Dr. Brandon Goodell that also goes by Surae Noether, a member of the Monero Research Labs critiqued the privacy in crypto space that includes Monero.

He said, on a scale of 0 to 10, where 10 is completely transparent like Bitcoin or Ethereum, most cryptocurrencies are at a 0. As for Monero and Zcash, he said, they are “used fresh out of the box” and are at 1.

“To improve, users of these coins have to take additional steps to protect their privacy,” said Goodell.

Source. bitcoinexchangeguide.

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