For years, Monero has been praised by the Bitcoin community and highly respected Bitcoin developers for demonstrating legitimate development work and innovative privacy features for its users. Thus, for many, the rise of Monero in value was somewhat expected, considering its legitimacy and the talent behind its development team.
The market cap of Monero surged nearly 80% over the past 24 hours, reaching nearly US$110,000,000 and US$63 million in daily trading volume. It has been the best performing altcoin so far this week, due to the support and demand from various startups, developers, and traders.
Amidst the rapid upsurge in the price of Monero, online communities and experts have begun to discuss the significant advantages and limits of using the privacy-focused digital currency.
Since 2015, Monero has been backed by reputable Bitcoin Core developers like Peter Todd for maintaining its title as a genuine cryptocurrency. The developers behind Monero are focused on the well-being of the currency and its users, dedicated on providing the best possible privacy solutions for altcoin users.
Todd has always been very expressive of the difference between other privacy-related cryptocurrencies such as Dash from Monero, calling Dash a “snakeoil,” while protecting the