Monero Price Tops $392.88 on Major Exchanges (XMR)

Monero (CURRENCY:XMR) traded 0.3% lower against the U.S. dollar during the 24 hour period ending at 0:00 AM ET on May 4th. One Monero coin can currently be purchased for about $392.88 or 0.00718181 BTC on major cryptocurrency exchanges. Monero has a market capitalization of $7.03 billion and approximately $609.95 million worth of Monero was traded on exchanges in the last 24 hours. Over the last week, Monero has traded down 6.9% against the U.S. dollar.

Here is how similar cryptocurrencies have performed over the last 24 hours:

  • Bytecoin (BCN) traded 9.4% lower against the dollar and now trades at $0.0010 or 0.00000002 BTC.
  • Aeon (AEON) traded 4.5% lower against the dollar and now trades at $2.45 or 0.00004477 BTC.
  • DigitalNote (XDN) traded up 24.7% against the dollar and now trades at $0.0077 or 0.00000014 BTC.
  • Monero Classic (XMC) traded 15.6% lower against the dollar and now trades at $0.61 or 0.00001111 BTC.
  • Infinitus Token (INF) traded 0.2% lower against the dollar and now trades at $0.15 or 0.00000275 BTC.
  • ZUM TOKEN (ZUM) traded up 476.1% against the dollar and now trades at $0.0002 or 0.00000000 BTC.
  • Karbo (KRB) traded up 4.3% against the dollar and now trades at $0.26 or 0.00000471 BTC.
  • Sumokoin (SUMO) traded down 5.7% against the dollar and now trades at $0.0840 or 0.00000153 BTC.
  • Digital Insurance Token (DIT) traded up 38.5% against the dollar and now trades at $0.0058 or 0.00000011 BTC.
  • BitNewChain (BTN) traded 0.1% lower against the dollar and now trades at $0.0025 or 0.00000005 BTC.

About Monero

Monero (CRYPTO:XMR) is a proof-of-work (PoW) coin that uses the CryptoNight hashing algorithm. It launched on April 18th, 2014. Monero’s total supply is 17,902,254 coins. Monero’s official Twitter account is @monerocurrency and its Facebook page is accessible here. The Reddit community for Monero is /r/monero and the currency’s Github account can be viewed here. The official website for Monero is ww.getmonero.org. The official message board for Monero is forum.getmonero.org.

According to CryptoCompare, “Ring Signature The Basics In cryptography, a ring signature is a type of digital signature that can be performed by any member of a group of users that each have keys. Therefore, a message signed with a ring signature is endorsed by someone in a particular group of people. One of the security properties of a ring signature is that it should be computationally infeasible to determine which of the group members' keys was used to produce the signature. For instance, a ring signature could be used to provide an anonymous signature from “a high-ranking White House official”, without revealing which official signed the message. Ring signatures are right for this application because the anonymity of a ring signature cannot be revoked, and because the group for a ring signature can be improvised (requires no prior setup).   Application to Monero A ring signature makes use of your account keys and a number of public keys (also known as outputs) pulled from the blockchain using a triangular distribution method. Over the course of time, past outputs could be used multiple times to form possible signer participants. In a “ring” of possible signers, all ring members are equal and valid. There is no way an outside observer can tell which of the possible signers in a signature group belongs to your account. So, ring signatures ensure that transaction outputs are untraceable. Moreover, there are no fungibility issues with Monero given that every transaction output has plausible deniability (e.g. the network can not tell which outputs are spent or unspent). To read how Monero gives you privacy by default (unlinkability), see stealth addresses. “

Buying and Selling Monero

It is usually not possible to buy alternative cryptocurrencies such as Monero directly using U.S. dollars. Investors seeking to acquire Monero should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, Gemini or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Monero using one of the exchanges listed above.

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