The value of Monero has more than tripled in the last ten days moving from around $2.47 to $8.10 as at the time of this publication.
Described as the new digital currency that online drug-dealers have started to adopt because it enables them to conduct business with more anonymity, the price of two-year-old Monero skyrocketed lately, driven by the announcement of several darknet markets to accept Monero as payment.
AlphaBay, one of the most popular sites for buying drugs like liquid LSD and hybrid cannabis, said last week it has partnered Oasis to begin accepting Monero on September 1. This led to increased media coverage, attracting more speculators towards the currency.
Whether the factor behind the quick rise is solely due to darknet markets’ adoption is unknown. However, with the report by RAND Europe that says illegal drug transactions on cryptomarkets have tripled since 2013, with revenues doubling, it couldn’t be far from being a major factor.
The research institute names vendors who indicated they were operating from the