Monero seems to be enjoying the aftermath of its hardfork (Beryllium Bullet) which saw the privacy-centric digital asset significantly lower the cost of performing transactions on its network.
The hardfork also drastically reduced the amount of storage space required to perform transactions. Following the release, the value of Monero has balanced out, growing rather steadily in the process.
Over the last three weeks (excluding today), the value of Monero has maintained minimal daily fluctuations (moving between $102 and $109, before peaking at $112 yesterday) like a handful of other cryptocurrencies, something that has eluded the crypto market for a long time.
According to data derived from Coinmarketcap, as at this writing, Monero (XMR) is currently changing hands at $111.72, appreciating by 4.8% over the USD in the last 24 hours.
With 15.7 million traded over the last 24 hours and a market capitalization of $1.85 billion, Monero is ranked as the ninth most valuable cryptocurrency. Monero as not only impressed in the market, there is also some remarkable news to go with the value rise of the privacy coin.
Monero Updates the Beryllium Bullet
Monero has released an update to its ‘Beryllium Bullet’, the hardfork responsible for significantly reducing transaction costs, required storage space for Monero, at the same time increasing the efficiency and anonymity of the Monero network.
The hardfork introduced the ‘Bulletproof’ feature to the Monero network. Bulletproof is used on Monero for performing Ring Confidential Transactions (RingCT) which increases the privacy of transactions by obscuring the value of the fund being transferred.
The core team behind Monero released the Beryllium Bullet update to fix issues with its Ledger, wallet errors, lunch bug on Mac OS discovered in previous versions of the software, and to improve its performance. The app update is available for download on Reddit.
The Monerujo Has Been Updated
Monero has released an update to its Monerujo, the first mobile wallet created specifically for XMR. The new version of the Lite wallet v1.9.0 or as Monero calls it ‘We Comin’ Rougher’ was announced on November 3, and it spots some interesting new improvements from previous versions.
The Monerujo comes with a new ‘Street Mode’ feature with which users can hide their wallet balances and the details of previous transactions. The update also comes with Brazilian and Estonian translation along with minor bugfixes.
New Trading Pair for Monero (XMR)
Certainly not the biggest contributor to the growth of Monero over the last couple of days, but still a worth mention. Singapore based cryptocurrency exchange, Huobi on Friday, November 2nd added a new Monero trading pair. Users of the platform can now trade XMR for self-proclaimed stable coin USDT (Tether).
While Monero has been listed on Huobi for some time now, USDT being one of the most stable coins is accountable for the most volume of cryptocurrencies traded daily. The XMR/USDT trading pair is expected to significantly increase the daily trade volume of Monero on Huobi.