The game of cryptocurrencies continues to expand day by day, defying all the criticism against it. It all started ten years ago, and the industry seems to be growing from strength to strength, despite dark patches.
Further upping the ante, the advanced cryptocurrency exchange KuCoin has announced the arrival of Monero Coin on its platform. Monero is the 13th largest cryptocurrency in terms of market cap, valuing at a total cap of $906 million. In the beginning, the exchange reportedly stated, Monero will gain Bitcoin and Ethereum pairs, after which more pairs will follow.
The privacy-focused digital token has been accepted by the crypto community with open arms, and the Monero community has also grown in numbers gradually. Joining a popular exchange like KuCoin will further boost growth prospects for the cryptocurrency, as this widens the market substantially. Through its official Twitter handle, KuCoin stated that Monero is now been available for deposits, and supporting pairs include XMR/BTC and XMR/ETH. The trading officially started on 26th March.
Cryptocurrency market saw its worst days ever in the second half of 2018. Most of the digital tokens lost almost 90% of their price value during the period. Even the world’s largest cryptocurrency, Bitcoin continued to lose the price battle for six consecutive months, finally ending the losing streak in February earlier this year.
Monero has been gaining momentum for the last few months. Just weeks ago, the cryptocurrency was listed on the world’s biggest crypto exchange Binance. Monero also inked a partnership with Tor Browser, earlier this month. The collaboration has now enabled the option of donating through digital tokens. KuCoin Exchange, on the other hand, has been posting some incredible numbers for the past few months. It recently brought quite a few tokens on board, and also launched its first project on Spotlight Platform.
The cryptocurrency market has shown signs of recovery since February and has been more or less stable. The adoption of digital coins worldwide is expected to grow exponentially, as various giant corporations are entering the space. VISA, the global payments giant, recently stated that it is integrating blockchain technology with its global operations in order to facilitate payments via cryptocurrencies. The America tech champion, IBM has also launched a blockchain based global payments platform, World Wire, in collaboration with Stellar Coin.
Also, some big companies have launched their own digital tokens. For instance, JPMorgan became the first bank in the United States to launch its own cryptocurrency. Similarly, social networking behemoth Facebook is in the final stages of launching its own digital coin, targeted at cross-border payments. Interestingly, both of these digital currencies are Stablecoins.
Governments across the globe are regulating the crypto and blockchain space, which has its own negatives and positives. The negative part is that stricter regulations might affect the decentralization of these coins, and the positive impact is that it gives enhanced credibility among masses.
The bears of 2018 completely disrupted the crypto space, however, the market grew by a whopping 122%. Also, the emergence of big corporations has led to extensive research and development in the space, which has increased the uses of cryptocurrencies among the masses. Many corporations across the globe are now accepting payments through cryptocurrencies. Also, adoption of cryptocurrencies by governments has further boosted the space.
Especially, in inflation-ridden countries like Venezuela, digital tokens have proved to be the guardian angels. Also, Eastern superpower Russia is also developing its own cryptocurrency for global trade, in order to reduce its dependence on the US dollar.
Cryptocurrencies are the future of the global economy, however several improvements are required on fronts like security, transparency and liquidity.