Monero Takes YTD Gain To 200%, Reaching 2-Year High

Monero takes YTD gain to 200% reaching a 2-year high as the cryptocurrency increased to $139 which is the highest level since September 2018 as we are reading more in the latest Monero news.

At press time, Monero was changing hands at $135 up to 200% on a year-to-date basis. Monero takes YTD gain after it rallied by over 50% the past week. A month ago, the US Internal Revenue Service announced a bounty to anyone that can develop solutions to trace Monero’s transactions. Riccardo Fluffyponi commented:

“The U.S. Internal Revenue Service (IRS) wants the same level of insight [into monero] as they have over digital dollars in bank accounts; however, cryptographers and researchers are always going to be one step ahead on privacy.”

The European Union’s law enforcement agency Europol cited the popular privacy-enhancing cryptocurrency wallets and other technologies as the main threats in the 2020 internet Organized Crime Threat Assessment that was published earlier this month. Regulatory scrutiny garnered more attention for Monero during the broader market and CEO Dave Jevans from CipherTrace commented:

“Speculators, algorithmic traders look to have fueled the price rally.”

Monero scales up to 10 times with the latest upgrade from the latest hard fork improving the transaction time and security. The upgrade includes improvements to transaction times, sizes, and minor security updates. The cryptocurrency remains the top-ranking privacy coin though the authorities are still drawing attention to illegal uses.  Monero will upgrade the network with the latest release of its node software codenamed “Oxygen Orion.” This upgrade has one major change which is a new ring signature construction named CLSAG.

Monero leads privacy coin rally as Bitcoin tripped on the $12,000 path and gained a little for four days in a row. The $12,000 price threshold failed to hold in August when it rallied past that.n the traditional markets, the US stock futures pointed in a higher opening as the investors started betting on US lawmakers and if they can reach an agreement for a new stimulus bill. The privacy coins like Monero and Zcash are in vogue right now despite the efforts by regulators to try and crack them down. These digital tokens that have privacy features and allow users to hide their identities and hide the amounts transferred, surged in value this year. Monero leads privacy coin rally since its value more than doubled in 2020 and Zcash followed.