By Hidayat Sultanli
On Dec 16, 2020
One of the promising cryptocurrencies, Monero, displays a consistent increase in the price. It reached the highest price in 2 years.
Monero displays an impressive trend in the last nine months. Since March, the price of Monero began at $32 and continues to increase now. According to the TradingView, currently, the worth of Monero is $151. It hit $158, which is the highest price in the two years on 14 December.
Monero was the 15th cryptocurrency in the market capitalization. According to the CoinMarketCap, Monero moved up with the price increase to 14th place. Currently, Monero possesses a $2,69 billion market cap. If the price of Monero continues to increase then it will stay and move forward.
Before talking about an investigation, it worth talking about Monero at first. The creator of the Monero is still unknown. There were rumors that one of the seven creators of Monero was also Satoshi Nakamoto. Five of the seven creators choose to be anonymous. They created Monero in 2014 with the purpose of private and anonymous transactions. It was almost impossible to determine who send to whom because the currency was fully fungible. That purpose also led to the additional headache for the Monero.
Many organizations were working on the algorithm of the Monero to find out who are the senders and receivers. As we know, governments do not like privacy coins because details are unknown. These kinds of cryptocurrencies can be a tool for illegal activities such as money laundering. From time to time, there were investigations to solve the privacy feature of Monero. According to the CipherTrace, they filed a second tracing patent for Monero. Together with the first patent, some of the topics they cover:
It is mentioned that 45% of darknet markets now supports the Monero, the second popular cryptocurrency for illegal activities. Due to these reasons, law enforcement is necessary.
With all these investigations, the increase in the price of Monero is surprising. Probably the demand for Monero increased, and it affected the price. These events made the involvement of investigation companies urgent.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.