Monero, the privacy-oriented coin, went through a hard fork on November 30. A new proof-of-work (PoW) was added by this Monero hard fork. The PoW RandomX uses random code execution along with memory-hard techniques to be ASIC-resistant. the crypto community had its eyes set on this hard fork, anticipating some major price hike in Monero price. However, there is no significant change in the XMR price.
Monero Price Analysis: 2nd December 2019
Monero stands at 13th position as per the Coinmarketcap market capitalization data. The crypto is just behind Cardano and TRON. XMR is currently trading at $53.97 against USD and 0.00725947 against BTC. XMR has a 0.83% price surge against USD but the XMR/BTC sees a 0.25% plunge. The market cap is $935,887,180 USD while 24hr trading volume is $37,185,545 USD.
Looking at the 7-day chart, the price does not show any major impact of the hard fork. Even though Nov 28 saw a 7% increase in Monero price, this price rise was in anticipation of the upcoming hard fork. But on D-Day, the price growth was stagnant. Moreover, the next day, the XMR price was declining.
Incidentally, Monero had some negative publicity earlier this week. The CLI binaries were compromised and the hack news can be a setback for Monero trading, leading to the stagnant price growth. Moreover, some exchanges like Bitbay exchange delisted Monero once the security warning popped up.
It is still too early to predict what outcome this hard fork will have on the XMR predictions of 2020. One of the well-known experts and influencers in the cryptocurrency market, John McAfee also makes a prediction saying XMR has the potential to challenge Bitcoin as a leading cryptocurrency.