When Moon(ero): The Mystery of Monero’s Declining Price - Inside Bitcoins - News, Price, Events
When Moon(ero): The Mystery of Monero’s Declining Price June 16, 2018 18 Views Matthew Hrones · June 16, 2018 · 3:00 am The popular privacy coin has been one of the worst performers in the past month, especially since the pullback in early May. It has been steadily dropping in BTC value since late April, and it raises the question, why? Privacy Isn’t Selling, Apparently
Monero is a staple in the cryptocurrency community, where most people involved in the space have, at the very least, a modicum of respect for the project. The network offers completely private transactions along with full fungibility of all the coins in circulation. Monero has seen some exciting developments over the past few months, but it doesn’t seem to have given investors much of a return.
The April pullback brought many coins back up in price, but it didn’t seem to effect Monero as much as others. Monero went from a low of $165 to a high of just around $290 . Other altcoins had much more impressive numbers, however. Ethereum and Bitcoin Cash , for example, more than doubled their respective values in the same period. What’s Been Going on with Monero?
The question confounding market analysts is, “Why?” Monero has taken some impressive steps in terms of adoption and tech, yet the price does not seem to reflect this at all.
At the end of May, Monero’s lead developer Riccardo “fluffypony” Spagni announced that he was planning on moving away from many leadership roles in the community. Usually, when someone in a leadership position exits, it raises questions about the future of the project. Some investors could look at an early warning sign of problems ahead. However, Spagni doesn’t plan on leaving the community altogether
I will always be an advocate for privacy, and for monero, a part of the monero community, but my actual responsibilities by definition need to be reduced.
Monero has been GPU minable since its inception as no ASICs were available on the market. Earlier this year, mining hardware manufacture Bitmain announced http://bitcoinist.com/when-moonero-the-mystery-of-moneros-declining-price/