Upgraded Monero Is Best Performer Among Top 15 Coins Today

Last updated: | 1 min read

Privacy-focused cryptocurrency monero (XMR) is the best performing coin among the top 15 tokens by market capitalization today after it launched its network update this past weekend.

Source: Adobe/alswart

At pixel time (15:51 UTC), XMR, ranked 14th by market capitalization, trades at USD 127 and is up by almost 5% in day, trimming its weekly losses to less than 4%. At the same time, other major coins from the top 15 are up less than 3% in a day.

XMR accelerated today after a somewhat lukewarm reaction to the expected update, launched on Saturday.

XMR price chart:

Source: coinpaprika.com

Initially announced in August 2020, Monero’s latest ‘Oxygen Orion’ update does bring some rather significant improvements to the network at a time when regulators are getting increasingly worried about privacy coins.

The latest update brings the so-called compact linkable spontaneous anonymous group (CLSAG) feature.

As per the Monero blog, the CLSAG update allows for smaller and lighter transactions as it reduces transaction size by around 25%, improving transaction times by 10% and bolstering privacy with Dandelion ++, a feature which aims to protect user IP addresses, the hallmark of Monero. The latest Oxygen Orion release comes not too long after another speed and security-centric upgrade titled ‘Nitrogen Nebula’ was launched, which is one of the many upgrades to go live in recent months.

In the build-up to the release, Monero enjoyed an increase in price, moving up by 35% in a month and 124% in a year, while the US Department of Justice (DOJ) released a report pertaining to the risks of end-to-end encryption, and the US Internal Revenue Service (IRS) had also seemingly declared war on privacy coins, offering a bounty of approximately USD 625,000 to crack Monero’s privacy code.

Learn more:
US Regulator To Clarify Whether Banks Can Hold Monero & Other Privacy Coins
European Police Forces Want Tougher KYC Measures for Crypto Industry
Monero Up On Major Compliance News