Secrecy as the war between Russia and Ukraine continues to altcoins increasing interest.
With this Monero (XMR) with its 70% rise since the end of February. cryptocurrency It remains one of the strongest altcoins in the market.
What Is The Source Of The Recent Rise On Monero?
In the bull run called ‘Monerun’, XMR suddenly gained 11%.
The reason for the rise is thought to be due to the altcoin developers’ announcement that there will be a hard fork in July. With the hard fork, it is aimed to increase network security and to experience price changes.
The new update is expected to hit the testnet in May.
It has been learned that with the hard fork expected to take place in July, no separate tokens will be released.
Hard forks are known as updates to a Blockchain protocol that invalidate previous versions of the Blockchain.
With the update to be experienced in July, Monero will be upgraded to the 15th software version. The previous two versions went live in October 2020 and made critical changes.
Bloomberg also pointed out that the rally Monero experienced left both Bitcoin and Ethereum behind.
Altcoin’s Hash Rate Is Also On The Rise
In addition to the strong price rise, we are witnessing that XMR is also in high demand by miners.
The hash rate of the altcoin, which has experienced sudden increases in the mining hash rate since the beginning of the month, has increased to 4 GH / s from time to time.
Long-term, we see that the interest shown by miners to Monero has increased continuously from mid-2021 to January.
However, the hash rate of the altcoin has decreased since the beginning of the year, except for the spikes. The reason for the decrease is thought to be due to the miners switching to other coins whose hash rate has decreased.
Why Is The Interest In Monero High?
Both the hash rate and the cryptocurrency’s hash rate indicate that miners and investors are showing interest in Monero.
However, it is seen that there is an intense XMR outflow from the Binance stock market. The reason for these exits is thought to be due to users’ complaints on Binance that XMR trading is not working properly.
The reason for the rise in interest in Monero is believed to be in parallel with the increasing demand for privacy tokens.
As we previously reported, the increased interest of sanctioned Russians in such cryptocurrencies may also be the reason behind the rise.
*Not investment advice.