Monero [XMR] stays strong in a bearish market, surges by 14.46%

Tuesday, 4th September saw a mixed market with some coins still languishing in the bearish atmosphere while others enjoyed surprising surges. One of the biggest gainers is Monero, gaining at a steady rate of 14.46%.

At the time of writing, Monero [XMR] was trading at $138.67 with a market cap of $2.270 billion. Monero [XMR]’s peak had come earlier in the day when the coin was trading at $139.60 which propelled the cryptocurrency to the 10th position on the cryptocurrency charts. 4th September gave Monero quite the push with the cryptocurrency opening at $133, after which the coin only saw a slow and steady rise.

Monero 1-day chart | Source: CoinMarketCap

Monero 1-day chart | Source: CoinMarketCap

Monero’s claim to fame is its features that protects its users from piracy and keeps safety and security as its prime objective. The organization’s USP is that they do not disclose the information of any parties involved in a transaction.

Monero has been in the news quite a lot over the past few weeks with numerous hacks and attacks being tied to the cryptocurrency. Coinhive, Monero’s mining protocol was the main accused in all the infringements with the company defending it.

Coinhive is a mining service that uses preinstalled code on existing websites to complete its duties. The code basically uses the computing power of the particular browser that the users is on, thereby allowing them to mine Monero.

The latest victim of hacks on the Monero network is Oatmeal, an online comic portal. The ransomware attack that was conducted during the hack demanded users to deposit $300 dollars to an unmarked account, thereby sparking an outrage online. Mathew Inman, the Founder of Oatmeal had announced on Twitter, saying:

“Hey everyone, my site is still down from the DDOS attack. I just received this email, which is attempting to extort me for money to stop the attack. I’m still figuring out what to do, but I might end up having to switch hosts. Thanks for being patient.”

Monero also caused a stir in the cryptosphere when it was announced the cryptocurrency is going to be added onto Mobi Wallet. This was a follow up to its previous wallet add-ons when Monero gave its full support for the Ledger wallet.

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