Fans of Bitcoin Cash (BCH) and Monero (XMR) can rejoice now that those two cryptocurrencies are trading pairs.
Being able to convert BCH into XMR and back will help increase utility for both coins as well as spike trading volume. The more options that traders get, the more volume they drive.
There’s quite a bit to keep track of when talking about Monero, thanks to a recent fork. It’s worth paying attention to several of these developments, as the Monero project is branching out in several directions at once.
Coinex Goes All in with Monero and Variants
Coinex is offering XMC and XMR trading pairs coupled with BCH and BTC. The exchange also will be adding MoneroV (XMV) to ensure a full suite of Monero-related trading symbols.
Project developers made significant changes to the code on April 6th, 2018. The hard fork got put in place for Monero to remain ASIC resistant. Miners and pools all switched to the new code. However, not all Monero fans went along with the switch. The result? Monero now has four distinct projects. The world now has to contend with Monero Classic and Monero Original in addition to Monero 0, and Monero V.
Traders have been trading Monero Classic under the symbol XMO on HitBTC. The current price is above $7, which is a far cry from the cost of XMR, which is holding its own just above $202. How crypto markets will react to a proliferation of similar coins remains to be seen. Whether one will become dominant is also a matter of speculation. Still, it’s great to have choices, and now people can choose to mine Monero with ASICS if they want with one of the forks or to remain faithful to the core project.
The MoneroV Snapshot and AirDrop Is Coming April 30th, 2018
Monero has always been about protecting privacy, and that feature is needed more now than ever before. As people begin to realize the enormity of the leaks that are happening with private data every day, a portion of them will flock to projects that value safeguarding data.
The MoneroV AirDrop is coming on April 30, 2018. All one has to do to own MoneroV is be part of the Snapshot of Monero holders as of block 1564965. At that point, MoneroV will move ahead with its mission to become the most private of all cryptocurrencies. The MoneroV project will ensure that its user’s identities cannot get linked to the blockchain. For the millions of investors and traders with security concerns, this commitment to anonymity holds a lot of promise.
A slew of new trading symbols will give the market even more data about Monero. The project has stood the test of time and remains a Top 15 cryptocurrency. These are exciting times for traders and investors who are looking for new trading symbols to take their shot at making a profit.
We’ll be keeping an eye out for more developments.