Monero To Release Latest Hard Fork
However, the upgrades will not have an impact on the trading of XMR.
Monero Software To Be Upgraded In The Latest Hard Fork
Monero the operator of XMR is currently set to unveil a planned hard fork that contains key software upgrades. Among the notable upgrades to be expected are different proofs. Additionally, we will have changes to the mining system. The upgrades come months after the last update was released by the firm. In the last update, we had ASIC resistance. Monero’s goal is to ensure that no systems are set up this way.
Under the next hard fork, Monero will have a block height 1685555. The new hard fork is expected to be out by Thursday. All participants in the Monero system have been urged to update their systems to the latest versions. The message was posted on popular social media platform Reddit.
The upcoming hard fork will not have a notable effect on XMR market value. At the moment, we have the threat of sell-offs. XM still stands in 10th in terms of cryptocurrency rankings.
With the planned upgrade, Monero has experienced reduced trading over the past week. At some point, Monero's market cap moved over $23 million in a span of just one day. It promptly dropped back down to approximately $12 million. This was the biggest drop compared to other top cryptos.
However, something interesting is happening in the market in regards to XMR. The crypto has witnessed over 89% in trading against the Korean Won. The data from Bithumb has not been captured due to an increase in the activity around the platform. At the moment, we have a probe into the sudden increase in the trading volumes.
This comes came moments before Bithumb was acquired by a consortium from Singapore. Data from Bithumb shows that there was an increase in volume to hit over $389 million. This spike is also unexplained.
In comparison to its all-time high, XMR has dropped by 79%. A look at the past 90 days shows some volatility can be seen with the crypto trading at around $140 highs and lows of $89.
In the mining sector, the activity involving Monero has also been rising. At the moment, mining stands at 592 MH/s from 156 MH/s. The spike is also unexplained.