The crypto crowd sure knew how to show their love on Valentine's Day. It was a great day in the market with all top 20 cryptocurrencies ending the day with gains.
Litecoin was the winner of the game, seeing a 33% gain ending the day at $212. Monero's XMR was next with 14.98% gains, followed byVEN/USD at 14.52%. The latter two are lesser known altcoins ranking 13 and 18 respectively in the cryptocurrency market cap ranking.
Monero and its Malware Controversy
Monero is a privacy-focused coin which has hit the headlines recently thanks to a piece of malware mining it in secret on Android devices. The malware redirects users to websites that tap into a device’s processing power to mine the Monero cryptocurrency.
For example, U.S. online news publication, Salon, has adopted this unconventional alternative to ads to make money. They are using a reader's computing power to mine Monero.
The way they do this is by giving readers that don't want ads to appear on content an option to "suppress ads." This allows Salon to use a reader's unused computing power to mine virtual currency.
Monero's XMR Price Action
Monero’s coin is called XMR, and it saw similar types of patterns in terms of gains and pullbacks as other major cryptos in the past month. XMR/USD currently making its way back up to key resistance levels.
While it remains below the daily Ichimoku cloud, it appears to have bottomed out at the 78% Fibonacci retracement level of $165.88. At the time of writing, it is testing the pivot level and 50% Fibonacci level of $277.70. The future Ichimoku cloud is bearish and is acting as a key resistance zone.
Let’s see how deep the love is for Monero as more people become aware of the malware.
Litecoin Update
Litecoin extended its gains to 35% earlier on Thursday, entering the daily Ichimoku cloud with a strong bullish force. This is despite the hard fork rumors that impacted the digital currency earlier in the week.