Monero Increased 10% As The Crypto Markets Starts Recovering

Monero increased 10% as the entire crypto markets start recovering with a slow week for BTC and other altcoins but it seems that XMR remains unfazed as we can see in today’s Monero news.

Bitcoin’s price which is the leader of the market, increased by 3% over the past 24hours with a current price of $18,477. Though BTC increased today, it’s down by more than 3% over the past week with a drop from a few weeks ago once the bull run was in full swing. Bitcoin then beat its previous all-time high of $19,783. Bitcoin’s stagnation affected the price of altcoins like Litecoin, XRP, Cardano, and Stellar.

XRP is now valued at $0.50 which marks a drop of 8.4% and 14% this week. Litecoin increased by 4% with a price of $75.11 but then fell over 10% in the past seven days. Cardano fell by 10% to $0.14 as well as Stellar which is now priced at $0.15. Monero increased 10% on the week and about 9% on the day. XMR is a privacy coin that is designed to obscure transactions and some darknet markets dealing with monero only. However, its privacy is disputed according to a blockchain investigation company CipherTrace that offers tools to trace transactions, and the US Internal Revenue that hired Chainalysis to do the same.

As previously reported in our Monero news, A failed Sybil Attack has targeted monero and XMR users today, threatening to link IP addresses to user identities but the privacy is safe so far. The failed Sybil attack could have compromised the privacy of some users but luckily the attack was unsuccessful. The identity of the attacker is not known yet. Monero was targeted by an attempted Sybil attack which failed according to the reports from project developer Riccardo Spagni. As he explained, an unknown attacker ran several nods in an attempt to compromise Monero users’ privacy. The attacker tried to record IP addresses and associate them with the information to compromise the privacy of the users.

The attack exploited Monero-specific bugs that increased the attacker’s chances of ending up in a legitimate node’s list of peers. The attack failed luckily. Spagni described the attacker’s attempts as “largely incompetent” and “clumsy” saying that the attacker didn’t exploit any of Monero’s on-chain privacy features like shielded transactions or ring signatures. Spagni said that these precise lines of attacks were new as similar attacks could be performed against most cryptocurrencies and privacy coins.