Why Monero Is Skyrocketing Today
As of 10:30 a.m. EDT Monday, Monero (CRYPTO: XMR) coins were changing hands at $321.35 apiece -- up 14.55% over the prior 24 hours on very heavy trading volume. The token's rally was part of a broader cryptocurrency upswing, and also propelled by growing concerns about Bitcoin's (CRYPTO: BTC) non-fungibility problem. Monero is the largest privacy cryptocurrency in the world, with a market cap of $5.76 billion.
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Monero attempts to overcome some of Bitcoin's inherent shortcomings. In much the same way that advertisers track browser cookies, cryptoanalytics firms constantly monitor transactions on the Bitcoin network. They don't even need users' permission as the ledger is public. Problems can arise when criminals launder the proceeds of illegal activities through crypto transactions with unsuspecting traders. Crytoanalytics firms can trace these "tainted Bitcoins" and expose new investors to law enforcement scrutiny, even if they haven't got the slightest clue where their Bitcoins came from.
Source Fool.com
