Why Monero May Become The Best Performing Altcoin of 2016

The Story Begins With An Announcement From SIGAINT

One week ago it was announced on reddit that the Tor based email service SIGAINT  had established a public Monero node at monero7tukbkxn57.onion to make it easy for darknet markets to use Monero for payment. Below is a screenshot of what you will see if you visit that address on Tor. Links will not work in a screenshot, so visit monero7tukbkxn57.onion in Tor Browser if you need more information.

Monero Price Begins To Climb

As soon as the announcement became known to traders Monero price measured in bitcoin began to climb, slowly at first then later becoming parabolic.

Monero price really started to take off when the Oasis darknet market announced it had added Monero as a payment option in addition to Bitcoin. Oasis is officially the first darknet market to accept Monero. This probably annoyed what is considered the largest darknet market: AlphaBay. It did not take long before AlphaBay also announced on reddit that they would begin accepting Monero on September 1.

Latest Chart and Thoughts

The original Silk Road darknet market gave the price of bitcoin a shove and helped bitcoin become well known. It remains to be seen if Monero will actually become commonly used in commerce on the darknet markets. If so that would be positive for both Monero and Bitcoin price. One needs to buy Bitcoin in order to exchange for Monero. Here is the price action on the morning of August 23:

After price reached .0093 yesterday there was some profit taking. After some congestion overnight price is again advancing and over .008 at this time. We will have to see if price makes a double top or breaks the all time high. Many long time Monero holders have been waiting for this price advance to cash out, so expect some swings in price action over the next few days.

If you are planning to buy Monero consider waiting for a strong dip in price so you can buy at a discount, or buy the breakout if price advances past the all time high of .01 XMR/BTC.