Monero Drops By 10% Following Market Bloodbath
As we reported, the market’s indecisiveness was bound to welcome some bears back into the market. Sure enough, in the last couple of hours, they have had their way with most coins. The market has lost billions, totaling over $8 billion, in the last 24 hours. This has come as bitcoin dropped from $4,000 to reach $3,800 and Ethereum dropped from $151 to $137.
Around the market, today’s bloodbath sees most coins drop between 5% to 15%, making it the worst drop of 2019 thus far.
Among the highest losers of the day is Monero which has shed over 10% of its value in the last couple of hours. Could this be last year’s bad habits coming back? Well, the answer will depend on how fast a recovery gets underway.
For Monero, this drop sees it lose all the gains it has accumulated in its perfect start of the year. A few days ago, we reported that Monero’s outstanding and consistent performance had seen it breach the $50 mark, the coin went on to extend its gains and hit a new year high of $55. Now, at the time of press, the coin has been dragged back to a little over $48.
Although the wider market has accounted for a substantial amount of Monero’s drop, a damning report has also emerged and extended its drop. A report by scientists from Universidad Carlos III de Madrid and King’s College London has indicated that Monero is the most popular crypto in deploying mining malware.
This comes as no surprise as Monero remains one of the most private centric and popular coins on the market. Monero has earned its reputation through its secrecy and it is what ensures its future application in a world with a growing concern over online security.
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