Darknet’s Hunger For Cryptocurrency: Dark Business Pushing Monero Price

Monero price shows a significant growth. In just a month Monero (XMR) rose by 420% and moved up on the list to the top-5 position of coins with the largest market cap, which is the biggest leap among all cryptocurrencies this month.

Monday - August 29, 2016 XMR/BTC exchange rates are 0.017, or about $9.74, while the Monero’s market cap reaches $124,793,778.

Darknet’s demand for pure anonymity of CryptoNote coins

Monero is one of the few CryptoNote-based cryptocurrencies that promises real anonymity of transactions. The CryptoNote open source project allows people to create cryptocurrencies and use ring signatures, which may demand several different public keys from a group of individuals for verification.
Darknet users demand for Monero grew even bigger when several markets of the Darknet – Oasis and Alphabay - announced their plans to add this altcoin after receiving numerous requests from the users to add this coin to their marketplace as a form of payment. The sharp rise of the Monero price in recent days, obviously, is due to the expectation of one of the largest online markets for illicit items Alphabay to accept Monero payments starting from September 1, 2016.

“It's a lot more secure than Bitcoin, especially when it comes to obfuscation,” said an anonymous member of the Alphabay support staff to BitcoinMagazine.

Boolberry following his brother

However, the price of another cryptocurrency based on CryptoNote technology is making fast moves these days. Boolberry coin is quite a new cryptocurrency that also uses ring signatures and one-time transaction keys to provide better anonymity of transactions.

On weekends BBR/BTC exchange rate showed a significant growth of 370% at Poloniex by moving from its minimum of 0,00006 to 0,000222 BTC per Boolberry coin. 

One of the most interesting questions today is: whether Monero price will have to face price corrections soon after the September 1.