The price of Monero (XMR) has increased 10% in the last day to reach $53.54. Monero now has a market capitalization of $940 million, up more than $90 million overnight.
In the last month, Monero has gradually climbed the market capitalization rankings—jumping from 14th place at the beginning of March up to its current position of 12th place. This happened because Monero was one of the least affected cryptocurrencies during the crash mid-March, and it also recouped its losses faster than most. Yet it's still down 20% over the last week.
Although the exact cause behind the pump is unclear, it may be owed to recently published research by Monero Outreach, which—in an April Fools joke—suggested that Monero may have been created by Satoshi Nakamoto—the anonymous entity behind Bitcoin (BTC).
Stylometric analysis found strong similarities between the original Bitcoin whitepaper, authored by Satoshi, and the Monero whitepaper, authored by Nicolas van Saberhagen—another pseudonymous entity.
But not all of the links are that convincing. One of the similarities is that both papers used the phrase: "In this paper, we..." Not exactly a smoking gun.
The rest of the cryptocurrency market is also showing signs of growth today, with gains of 3-5% seen across the board. Monero, however, is currently leading the market with its 10% growth, and is rapidly closing in on Unus Sed Leo (LEO)—the 11th largest cryptocurrency by market capitalization.
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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.