Monero’s Market Cap Drops After Topping $1 Billion

In a really volatile crypto market, the interest in Monero has been continually growing, for quite a while now.

Despite the bearish trend that has been lingering in the crypto market these days, the projects are still doing their best to go on with their developments.

More and more crypto enthusiasts are choosing XMR as an investment option, and this is mainly due to the powerful privacy options.

Monero enthusiasts have been celebrating the fact that XMR managed to surpass $1 billion in market cap, but then disaster hit, and all coins fell, following BTC’s plunge.

The crypto market crashes

Bitcoin (BTC) tumbled since yesterday, and it looks like lower lows and lower highs are setting in, and, by the look of things, BTC might be heading to where it all began, according to some speculations: $4,000 – $5,000.

At the moment of writing this article, BTC is trading in the red, and the most important coin in the market is priced at $7,538.88.

Potential reasons for BTC’s recent fall are, according to crypto experts, miners and Binance shutdown in China.

Monero fell on the 14th spot on CMC, and, at the moment of writing this article, XMR is trading in the red. The privacy-oriented coin is priced at $52.58 USD.

XMR’s market cap also fell to $910,600,007.

Monero’s official website got compromised

Other than this, XMR has been in the crypto market when it’s been reported that the software that’s available for download on Monero’s official website has been compromised to steal crypto, according to the latest reports revealed yesterday, November 19th by Cointelegraph.

They note that a Reddit post that was published by the coin’s core development team addressed the issue as well.

“CLI binaries available on http://getmonero.org  may have been compromised at some point during the last 24h. Investigations ongoing,” a Monero core developer said on Twitter.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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