Discussions around Monero's (XMR) security have intensified with the recent rise of the Qubic pool's hash rate to 40%. This has raised concerns among community members regarding a potential 51% attack on the network. Additionally, Monero is expanding its presence in DeFi.
Monero (XMR) Market Overview
As of now, Monero (XMR) trades near $322, supported by a daily volume of about $120 million and a market cap of approximately $6 billion. Over the past year, the coin has risen from $136 to a high of $417, reflecting gains close to 90%. Technical indicators suggest buying pressure: Investing.com and Bitget both show "Buy" or "Strong Buy" signals. Barchart recorded a golden cross as the 50-day average rose above the 200-day average.
Hash Rate Issues and Attacks
The recent rise of Qubic's hash rate to 40% has sparked concerns about a possible 51% attack. The pool struggled with community pushback. This event highlights the existing tensions around privacy and security within the Monero network. According to some community members, it's crucial to find countermeasures against Qubic's dominance to avoid attacks.
DeFi Developments and Rise in Cryptojacking
In the DeFi space, GMX has launched perpetual synthetic swaps for XMR on Arbitrum, allowing traders to utilize leverage while maintaining transaction privacy. Meanwhile, instances of cryptojacking have surged, underlining Monero’s dual nature: anonymity attracts both legitimate and illegitimate pursuits.
Monero appears to be at the brink of growth but also faces potential issues due to regulatory measures and possible attacks. Market participants should be cautious of price fluctuations and assess the currency's prospects.
