The price of the cryptocurrency Monero has surged nearly 25% in just a week. At the end of February, Monero was trading at around $275 per token. By March 3, the price had risen to $356 due to increased trading volume.
Coming into March 2018, Monero was one of the few cryptocurrencies to rise in value among the top 20 cryptocurrencies by market cap. A possible reason for this increase is Monero’s hard fork scheduled for March 14th.
MoneroV is a new version of the familiar Monero token, set to be introduced on March 14th. As part of the hard fork, Monero holders will receive 10 MoneroV coins for every Monero token they own at the time of the split. This may explain why investors have been trying to stockpile Monero in the days and weeks leading up to the fork: more Monero tokens now means more MoneroV tokens later.
At this point, hard forks are relatively common in cryptocurrencies, so there is some reason to wonder why Monero's impending fork has caused such turmoil in the market. This can be attributed, at least in part, to Monero's strength relative to other cryptocurrencies.
Privacy Reputation
Since its creation in mid-2014, Monero has built a reputation as a cryptocurrency with a focus on privacy and security. According to NDTV, Monero's blockchain utilizes at least three techniques to protect privacy. First, it uses ring signatures to disguise the identity of the sender, and it also uses stealth addresses to hide the other recipient of the transaction. (See also: What is Monero (XMR) Cryptocurrency?)
Finally, Monero's blockchain also provides the ability to hide transaction amounts. Overall, Monero offers a higher level of privacy than more transparent blockchain systems, such as those associated with Bitcoin. However, this anonymity and privacy has also made Monero a preferred cryptocurrency among hackers and other criminal organizations.
More about MoneroV
Few details about MoneroV have been released yet, although the new token's website suggests it will have a limited supply (as opposed to Monero's unlimited supply), and like most hard forks, it is also intended to address scalability issues with the parent coin.
But beyond that, MoneroV remains shrouded in mystery. That hasn't stopped investors from stockpiling Monero to boost the value of MoneroV.
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