Monero traders were in shock on Monday when Monero’s trading volume suddenly increased by 500% within 72 hours. The reason for such a tremendous increase was Coinmarketcap decided to list Bithumb’s trading volume. Bithumb currently accounts for 85% of the world’s Monero trading volume.
The sudden increase in volume did not affect the price as Coinmarketcap was already considering the price from Bithumb.
Monero is currently the 10th largest cryptocurrency in terms of market capitalization. The cryptocurrency has a market capitalization of $1.899 billion and has a daily trading volume of $93 million.
According to Coinmarketcap, Monero’s highest trading volume is pegged to Korean Wons. XMR/KRW has a total trading volume of $81 million, which accounts for 85% of total Monero’s trading volume. This has been facilitated through the popularity of Bithumb in South Korea.
According to CNBC, Monero is really popular in North Korea. Monero’s untraceability makes it easier for North Korea to bypass sanctions imposed by UN and the U.S. In January 2018, North Korea hackers created a Malware to mine Monero and send it back to North Korea.
CNBC in the article wrote,
“AlienVault, a U.S based cybersecutiy company, said it found evidence of malware that took over a person’s computer and mined monero. The mined currency was then sent back to Kim Il Sung University in Pyongyang.”
On May 2018, crypto friendly nation Japan banned Monero from being traded in the country. Apart from Monero, other privacy tokens such as ZCash, Dash and Augur were also banned.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Tokenization goes mainstream: Inside Blockchain technology has long battled a tough reputation, often viewed as…
Why some are ditching for In the fast-evolving world of technology and finance, are making…
A Shocking Rise in In 2025, the crypto world faced an unprecedented threat from state-sponsored…
Loses Life Savings in : A Chilling Wake-Up Call In a heartbreaking tale that's all…
Exciting Day for Future Finance Leaders: On December 10, the Peter J. Tobin College of…
Why Is ? The crypto market is no stranger to volatility, but today's sharp decline…