Monero prices Soared over the last week, bringing a kind of growth cryptocurrency markets have seldom seen before, further confirming the positive price trend in zero-knowledge coins. But unlike Dash, the story of Monero is a little different. The factors that have buoyed Monero prices lately are less palpable than those that have fueled Dash prices. This also means that Monero might have even more room to grow if the community behind it ever decides to take a couple of pages out of the Dash book, although that seems unlikely.
Monero Prices Soared Due to Government Intervention and Increased Demand
At this point, there is no doubt that Monero prices soared due to the threat of government intervention and increased demand. Monero was recently listed on Bithumb, giving it more exposure to the S. Korean market. Apart from that, the zero-knowledge feature is appealing in an environment in which governments are increasingly interested in monitoring cryptocurrency owners for tax purposes.
Insofar as increased government monitoring goes, Monero definitely has an edge over other zero-knowledge coins. Monero has branded itself as the critical deal making instrument on the darknet. This might put it above other zero-knowledge coins such as Dash and Zcash in terms of its capacity to maintain the anonymity of its users. Nevertheless, the purist approach that Monero’s community is known for, might also be detrimental to price growth in the long run.
Monero Prices Soared, But Will They Keep on Soaring?
Monero prices soared even beyond Dash prices on relative terms over the last week. While Monero prices doubled over the last week, it took Dash prices about 2 weeks to achieve the same level of growth. Nevertheless, it seems that Monero doesn’t have the same kind of foundation as Dash has to keep on growing. Apparently, that is why Monero’s market cap is still about two thirds of Dash’s.
Monero vs Dash
It will be interesting to see if Monero prices and market cap will surpass those of Dash, despite lagging on issues such as integration. In the meantime, Monero prices soared beyond any expectation, and this could create momentum of its own. Nevertheless, prospective investors should consider the whole situation in the market and how Monero fits into it before they invest at this point. Just like Dash, Monero has experienced a small pull-back since reaching new historic highs. This could be a warning sign, and prospective investors should do their due diligence before they invest.