If there is one thing that all cryptocurrency investors need to learn the hard way is that the market is not stable. This is why investing in cryptocurrencies while thinking about short-term goals is never a good idea and we have the recent drop in price of Monero (XMR) as proof of that. Monero (XMR) opened at $58.44 today (September 26) which is 2.08 percent lower than yesterday. However, this is not a bad thing in terms of long-term investing in Monero (XMR) because the trading value of the digital coin is $89,968,504 and the total market cap is $1,006,743,669.
Monero (XMR) – The Comeback
Now that the price has lowered to $58.44, this opens the opportunity for investors to look to make a quick profit because the price is significantly lower than it was at the start of the week. We also want to note that Monero (XMR)’s price is expected to make a comeback and hit the $75 milestone once again and the reason why we are saying that is because Monero (XMR) is scheduled to receive a major upgrade.
The folks who are in charge of Monero (XMR) have announced recently that a new upgrade is scheduled to launch on October 24th. The update is going to introduce a new protocol that focuses on improving all of Monero (XMR)’s existing offerings. To make things even better, the upgrade will also freeze the cryptocurrency’s code so that the developers don’t have any way to make changes to the software in order to impact the performances of the cryptocurrency.
Furthermore, the upgrade will introduce a newly developed Proof-of-Word algorithm that has been dubbed as “RandomX”. The new algorithm will be integrated into Monero (XMR)’s code and all miners will be required upgrade as soon as possible.