Monero Original and Monero Classic Leave Monero in the Dust with Massive Gains Today
Apr 26, 2018, 4:07PM
Two of the day's biggest movers are Monero Original (XMO) and Monero Classic (XMC). Both of these coins are up by almost double.
The cryptocurrency market is flat today, holding slightly below $400 billion with most of the major assets moving by low single-digits. However, two of the days biggest movers are Monero Original (XMO) and Monero Classic (XMC). Both of these coins are up by almost double in the last 24 hours - leaving the well-known Monero (that trades under the ticker XMR and is up by around 2%) in the dust.
What are Monero Classic and Monero Original?
Earlier in April, a Monero Fork created three additional coins (XMO, XMV, ZMR) all using the original, ASIC compatible, blockchain and separating from upgraded Monero (XMR). The split results from deep philosophical differences over developer control and Monero's proof-of-work algorithm.
According to Monero.org “The main message of Monero Classic is that we believe that the developers changing the proof of work creates more centralization and harms decentralization.” And: “The M[o]nero developers are saying that they can and will change the consensus rules whenever it suits them and the community seems to be conditioned into following the wishes of the developers.”
But it looks like the controversy isn't over, and Monero is expecting another fork called MoneroV scheduled for April 30, 2018. The goal of the MoneroV fork is to address scalability, infinite supply, and centralization on the blockchain. These debates can be expected to increase price volatility for Monero and all its sister assets.
Price Action
Monero Original is up 107% today to a per unit price of $22.17 while Monero Classic is up by 87% to a per unit price of $22.99. Both assets are thinly traded, and the moves result from relatively little volume compared to Monero XMR which is up by just under 2% for a market cap of $4.20 billion.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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