When you take a glance at the performance of Monero (XMR) in the past year, it has fallen from $ 350- $ 50 currently. It clearly indicates that it has lost the bulk of its value. If you calculate the fall, it is more than 80%. Monero (XMR) is one of the most mined cryptocurrencies. It is due to the Cryptojacking attempts of the hackers. At the same time, it is widely transacted due to the anonymity which it provides. However, it seems like finally, the effect of the bear market in Monero (XMR) is showing up.
Monero (XMR) Bear market finally showing its effects:
One of the primary reason among them is the bear market in Monero (XMR). It has lost almost 85% of its value. It is the main reason why the company is not able to sustain its operations. The company has clearly stated that it is not economically viable for it to continue with the services. It seems like it is once again casualty to the prolonged bear market in cryptocurrencies. If it continues for a long time, many other services and cryptocurrency mining companies might be out of business. Most of them are mining at a loss.
Moreover, when you look at the current condition of the cryptocurrency markets, you will understand that it is not showing a strong recovery. Most of the cryptocurrencies are showing lackluster performance. It seems like the cryptocurrency market might take a long time to reach the old highs. In such a case, it will take a significant amount of money from the company to sustain the operations. Also, nobody actually knows whether cryptocurrencies like Monero (XMR) will once again rise to $ 350 levels or whether they will stagnate around these levels. The uncertainty, as well as the prolonged bear market, is what has caused the shutdown of this service.