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Korea-based Bitcoin and cryptocurrency company Bithumb announced today that it will be opening up the exchange to Monero starting on August 23rd. On Wednesday, August 23rd, Monero deposit wallet addresses will open.

Monero (XMR) has showed tremendous growth, rising by more than 80% this morning. The value of the digital currency reached its maximum of $95.08 per coin at 09:09 GMT, while its market capitalization exceeded $1 billion for the first time.

According to CoinMarketCap, the digital currency is currently sitting at $73 per coin, while its market cap is estimated at over $1.3 billion.

Monero was introduced in 2014 and the digital currency is currently being used to buy goods and services online and to transfer funds digitally. Unlike other cryptocurrencies, monero was designed to be more private, so it is completely anonymous and virtually untraceable. Furthermore, it lets users to undertake private transactions whenever they want.

Ripple

Contrary to Litecoin, which has plenty of similarities to Bitcoin, Ripple is very different. Essentially deriving from a protocol of trading debt, it seems Ripple has always had a method of centralisation, yet still operates a blockchain in which people add to its ledger.


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Despite the difference with Bitcoin, the token that is now being traded (XRP) has been trading in a similar vain to that of other crypto coins. Moreover, while the cryptocurrency market has been displaying a downward trend in the past 24 hours, Ripple has been showing gains. Both Bitcoin and Ethereum lost some 8% this morning, while Ripple climbed more than 13% at a certain point.

This article was first posted on Etoro.com/blog: Our Premium Trading Partner.

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Posted by eToro