“Monero is dead,” said my colleague when I asked him about last month’s upgrade. When asked why? he replied, “the price has been stagnating for the past couple of months.”
Although I didn’t really pay much attention to the importance given to the price of cryptocurrencies before, this remark by another journalist got me wondering about how price has truly become one of the key aspects driving the cryptoverse. And why not?
It was the price of Bitcoin that grabbed the attention of the world towards the end of 2017, when the coin reached its ATH. It was a time when millennials become millionaires overnight, which got mainstream media to speak about the “new asset class”. Notably, it was also this boost that captured the attention of AMBcrypto founders, which eventually led to my career as a journalist.
While it’s true that the price has been on the low-low for the fungible cryptocurrency in comparison to its all-time high, it is also true that price is not the only factor that measures a coin’s success rate.
Additionally, Monero’s price has been doing great considering how major exchanges do not have the coin listed and the regulatory hurdles it has been through. The coin has still maintained a stronghold in the top 20 taking into account how it has not been enjoying all the benefits Bitcoin and Ethereum receives.
Price, not a talking point for Monero
Even though price has been a key determiner of the interest one pays to a project, however, this does not stand true for Monero. If one takes notice, there is barely anyone discussing the price movements of the currency and its valuation. The one factor the entire community drives on is its development that promotes privacy.