Advertisement
AD

Main navigation

Monero Is on Rise with Hashrate and Exchange Inflows Rising Rapidly

Advertisement
Tue, 19/04/2022 - 9:56
Monero Is on Rise with Hashrate and Exchange Inflows Rising Rapidly
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

Monero remains one of the strongest positions on the cryptocurrency market as it gains more than 70% since the end of February, ignoring almost every trend on the market and moving up despite the correction on such cryptocurrencies as Bitcoin and Ethereum, which was also highlighted by Bloomberg.

Hashrate on the rise

In addition to the strong rise of XMR as an investment asset, we also saw an increase in GH/s showing increased demand from miners. Since the beginning of the month, Monero saw several spikes in the hashrate, including a spike to 4 GH/s on March 29 and 3.77 GH/s on April 11.

2Miners Data
Source: 2miners

In the long term, Monero saw a steady uptrend in the demand coming from miners as its hashrate was growing steadily from the middle of 2021 until January. In 2022, we see a steady decrease in the hashrate, which is most likely tied to the shift in mining power toward different coins that have faced a drop in the hashrate.

Why is demand for Monero at such a high level?

Both hashrate and market performance suggest that traders and investors are more than interested in purchasing as much Monero as they can. In addition to it, we can clearly see large outflows from major exchanges like Binance, which was the reason behind several reports on the inability of users to properly trade the cryptocurrency on the platform.

Related
243.6 Billion SHIB Scooped Up by Whales as Token Recovers from Recent Fall

The main reason behind the increased demand is most likely tied to the demand for "privacy coins," or cryptocurrencies developed to provide the highest privacy possible, which is why they become extremely popular among criminal elements and people involved in illegal activities.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD