Monero Price: XMR/USD Ignores The Hard Fork That Just Took Place On The Network
Monero’s developers confirmed the hard fork was a success, and it was implemented on block 1978433.
As you already know, the upgrade of the network took place on November 30.
Upgrading the Monero network to RandomX
Monero has successfully upgraded the network to RandomX.
The project’s developers have put forth the idea of a new PoW algorithm RandomX. This uses random code execution together with memory-hard techniques to be ASIC-resistant.
The Monero Community Workgroup did a live stream on YouTube before the upgrade took place.
It’s also worth noting that Monero’s Riccardo Spagni aka FluffyPony addressed the upgrade and stated in the live stream that RandomX is the way forward.
Check out the video below:
Increasing the level of decentralization
The developers believe that this step can increase the level of decentralization of the Monero network as well as remove the FPGA and ASIC devices from the network.
Hidden mining was one of Monero’s most known issues. The transition to RandomX is designed to improve this specific situation.
Monero in the crypto market
XMR’s price was expected to grow following the upgrade, but this failed to happen.
All the digital assets are struggling to recover following the recent price drops of BTC, and XMR is one of them.
At the moment of writing this article, XMR is trading in the red and the privacy-oriented coin is priced at $53.12.
It was previously believed that XMR had found support above $55, but, as you can see, this is not the case anymore.
On the other hand, this has been a great year for Monero as a project and also for the coin’s popularity.
Mor crypto enthusiasts have understood the importance of privacy and anonymity features, and they chose XMR as an investment option.
Interest in Monero has been on the rise despite the high market volatility.