Today Monero (XMR) is the only major crypto in the green. This is mainly driven by the heavy trading of Monero (XMR) on Bisq exchange. Close to 99% of all the trades on Bisq in the last 24 hours are all Monero (XMR). People are heavily buying into this crypto and it is reflecting in it price, even as the rest of the market sinks deep in the red. Bisq is a decentralized exchange that has privacy as its core feature. No personal information is ever transmitted, apart from that sent between the transacting parties. In essence, the fact that Monero (XMR) is trading heavily on this exchange could mean that people are moving lots of money into Monero to avoid the public exposure that comes with Bitcoin (BTC), for whatever reason.
But Bisq is only part of the rise of Monero (XMR) as the coin of choice for privacy transactions. Just recently, Monero surged after some bitcoin worth of over $1 billion started trickling into exchanges, indicating that this money could have been flowing into Monero. This goes to show that Monero (XMR) is now rising in the market as a top privacy coin, one that could dominate this market for years to come.
If indeed Monero takes over the privacy coins market, then it could emerge as one of the most valuable coins in the market. That’s because there is a huge demand for privacy coins both for legal and illegal purposes. There are trillions of dollars that move in the shadows, as can be seen in the ever rising number of offshore destinations all across the world. The moment Monero (XMR) gains acceptance in this market, its value will shoot up significantly. It could end up becoming an easy to access off-shore account for the wealthy, and they have 100s of billions held up in these accounts.
On the other hand, billions of dollars change hands through drugs, weapons and other illegal stuff in the black market. Though it’s not a market to be proud of, the black market is extremely valuable, and if it fully adopts Monero (XMR), then its value will skyrocket. Already Monero (XMR) has a strong adoption in this market, and it could grow in the long run, due to its fungible nature.
With such a massive use case, Monero (XMR)’s potential to hit a valuation as high as $1000 is very much possible. The only criticism that Monero receives with regards to its rise to the top is that it is so much tied to the dark web, but that will fade away in the long-run. That’s because fiat money has similar characteristics too. The dollar and all other fiat currencies for that matter are used in the black markets too. As such, the usage of Monero in these markets simply makes it money, and that’s why it will thrive in the long run. It is uniquely positioned to grow in a market where many other cryptos are standing on shaky grounds.