The Monero price (XMR/USD) has tumbled to a more than three-week low on Thursday morning, mirroring a downtrend observed across the wider digital currency market.
Over the past 24 hours Monero’s performance has been largely consistent with other major digital coins, such as Bitcoin (BTC) and Ripple (XRP). The privacy-focused token had a relatively quiet trading session yesterday, even though it did see some decline in the afternoon. The coin finished the session at $52.71, which was slightly below its opening level of $53.17. XMR had hit an intraday high of $54.55 during the morning session, according to data from digital currency tracker Coinmarketcap.
After a similarly quiet early Thursday trading, Monero became one of the many coins affected by a market-wide slump that hit the crypto space at roughly 08:30 GMT. Shortly after that the Monero price dropped below the $50 mark and eventually hit a 23-day low of $46.46. The coin has recovered some of its losses in more recent trading and is currently trading at around $47.50.
In other Monero-related news, industry website Coindesk reported today that a new study had found that over 4% of all Monero in circulation had been mined by hackers.
“Overall, we estimate there are at least 2,218 active campaigns that have accumulated about 720K XMR (57M USD). Interestingly just a single campaign (C#623) has mined more than 163K XMR (18M USD), which accounts for about 23% of the total estimated. This campaign is still active at the time of writing,” the study, which was published by Sergio Pastrana and Guillermo Suarez-Tangil, from Universidad Carlos III de Madrid and King’s College London, respectively, reads. The paper also says that around 4.4 million malware samples have been analysed over a 12-year period from 2007 to 2018 and 1 million malicious miners have been identified.
In today’s trading, the Monero price stood at $47.48, as of 15:39 GMT. The digital coin has lost 11.3% of its value in the past 24 hours.