The Firo price rose to its highest level since July 16 this year as demand for the coin increased. It rose more than 28%, bringing its total market cap to over $43 million and its diluted cap to over $80 million. Other privacy-focused coins also performed well.
What is Firo and why did it originate?
Cryptocurrencies like BTC and LTC were created to facilitate transactions in an anonymous way. However, because Bitcoin operates on a ledger, its role as a privacy currency has diminished as authorities can easily track transactions.
Firo is one of the few privacy tokens in existence today. Others include Monero, Dash, and Decred. These coins work by making sure that no one can track transactions. They achieve that by automatically changing a user’s address while the transaction is in progress.
Investors have focused on the privacy sector in recent months as authorities became more concerned about the sector. Their most recent move was to sanction Tornado Cash, a cryptocurrency mixer that promoted privacy when using popular coins such as ETH and BTC.
Firo is a privacy cryptocurrency that works using the proprietary technology known as Lelantum. This technology allows users to burn or destroy coins so that they no longer exist. After doing that, users can exchange them for coins that have no history at a later date.
Redeeming involves giving them zero proof of knowledge that you’ve burned coins before without showing the burned coins.
The Firo price has risen in recent days, even after a major development in the privacy token industry. Last week, Huobi, one of the largest companies in the industry, said it would remove the coin along with other privacy tokens. The company said this deletion was done to comply with regulations.
It is also rising as the demand for proof-of-work cryptocurrencies following the success of the Ethereum merger. Indeed, his hashrat has risen to its highest level in a few days.
Firo price prediction
The daily chart shows that the Firo price has been in a strong bullish trend for the past few days. It has managed to move from its low of the year so far of $1.1715 to about $4. Along the way, the coin jumped above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has moved close to the overbought level. It also passed the key resistance point at USD 3.42.
Therefore, Firo appears to have momentum, meaning the coin is likely to continue rising as buyers target the next key resistance level at $5.
Where to buy Firo now
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, with over 600. Binance is also known for its low trading fees and a multitude of trading options that its users can take advantage of such as; peer-to-peer trading, margin trading and spot trading.
Buy FIRO today with Binance
WazirX is the largest crypto exchange in India. Launched in 2018, WazirX has become the most trusted exchange in the Indian crypto market. It is part of the binance group and serves users in 180 countries.
Buy FIRO with Wazirx today