Monero [XMR] price chart painted green, soars up by 10% in a day

On 31st August, Monero [XMR], the privacy coin sitting at the 11th position on the rankings of CoinMarketCap experienced a hike of 10.39% in the past 24-hours. At press time, the cryptocurrency is trading at $109.70 with a market cap of $1.79 billion.

Despite most of the altcoins progressing up at a slow pace with the market behaving bearish, Monero is riding the bull and approaching a strong upward trend.

The initial trading price of XMR during the past 24 hours was $99.20 with a market cap of $1.62 billion. In a day, the market cap shot up by more than a hundred million dollars. Across the day, the price kept rising and dropping on a minor scale but gained a flight and was trading at $100.19 at mid-day. From here, XMR only kept climbing up with insignificant fallouts finally gaining a momentum.

The highest price that the coin has traded at today is $110.17 with a market cap of $1.8 billion. At the time of its peak price, the 24-hour trading volume was recorded at $41.2 million. However, the price soon plunged to $106.5, which was a considerable drop in relation to the previous ones throughout the day. The token has begun to rally up again after fluctuating for a short time.

Looking at the weekly progress of Monero in the cryptocurrency market, on 24th August, the coin was trading at $89.26 with a market cap of $1.45 billion. The steepest climb made by Monero’s market cap is observed to be of about $350 million. The lowest it had traded at across the week was $88.92 with a market cap of $1.45 billion.

In the former and recent past, Monero has been held responsible for a major number of attacks and hacking activities, some of which were charged via its mining protocol, Coinhive. Of late, the online comic portal Oatmeal reportedly became the victim of a DDoS attack where the cybercriminal asked for $300 worth of XMR as ransom.

DDoS stands for Distributed Denial of Service which is a type of cyber attack that allows the hacker to overwhelm a portal with excessive traffic from multiple sources to block its users from accessing it.

Earlier this year, websites of big corporations and government bodies were detected with Coinhive running in the background, taking up a huge amount of computing power and mining XMR automatically. The famous e-commerce portal Amazon was one of the victims of this mining scam.