Bitcoin has rebounded this week, climbing along with gold and other safe-havens as major stock markets struggle.
The bitcoin price is up just over 2% over the last week—making strong gains yesterday as investors search for somewhere to put their cash.
However, one major cryptocurrency has outpaced bitcoin’s gains over the last week and is still rocketing higher.
The privacy-focused cryptocurrency monero, currently ranked as the 11th most valuable cryptocurrency on data site CoinMarketCap with a total value of just under USD1 billion, has added almost 5% in the past week—beating bitcoin’s gains.
Monero, which masks the identity of users better than the likes of bitcoin, is up by over 6% over the last 24-hour trading period, soaring as the broader cryptocurrency market climbed.
The precise reasons for monero’s sudden surge wasn’t immediately clear, though there have been a number of positive developments for the bitcoin rival over recent months.
Monero developers recently rolled out an update to its Carbon Chameleon software, designed to improve transaction execution and how the cryptocurrency works with the privacy networks Tor and I2P.
Monero and privacy coins have also recently gained support from some high profile figures in the tech and crypto industry.
John McAfee, the controversial and outspoken antivirus software developer and U.S. presidential candidate, named monero as his cryptocurrency of choice earlier this year.
McAfee, who has reneged on his promise to “eat [his] own dick on national television” if the bitcoin price didn’t hit USD500,000 per bitcoin by the end of 2020, has named monero as one of his cryptocurrencies of choice, along with ethereum, the second most valuable cryptocurrency after bitcoin.
McAfee made similar allusions to monero’s technological superiority over bitcoin.
McAfee said via Twitter before recommending monero to cryptocurrency users that Bitcoin was first. This technology is quite ancient. All know it.