Upgraded Monero Is Best Performer Among Top 15 Coins Today

Market Monero Privacy

Author

Eddie Mitchell

Author

Eddie Mitchell

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:55 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

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.

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:

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