The crypto markets don’t have a good day at all. Most altcoins are trading in the red today after the market crashed and lost about 7% in just a few hours.
2018 has not been the best year for the market due to the bearish trend that has been lurking around since the beginning of the year.
Anyway, for the past weeks, the market has been quite static, and the total cap has been hovering around $220 billion.
That’s why what happened today came as an unexpected surprise for some.
Monero (XMR) fell by almost 7%
The first crypto that fell was obviously Bitcoin. As we reported earlier, at 01.09 UTC Bitcoin started to fall, and it dropped through a previous support level of $6,550, shedding $244 in just 30 minutes.
The decline slowed there, but BTC continued downwards to reach $6,273.31 at the time of writing this article.
This way, Bitcoin fell back to its mid-September levels and dragged in the red the whole crypto market.
What happened today came as a surprise especially for experts who were confident that Bitcoin had already bottomed and things will start going better.
Monero is getting ready for its network update
Apart from this unexpected market crash, Monero has been steadily preparing for its update which is scheduled for October 18th.
The Monero team will implement a tweak in the Proof-of-Work to tackle the potential threats of ASIC miners.
This change would also reduce the number of mining pools, boosting the decentralized nature of Monero.
Also, the new Monero network update would increase the minimum ring size of 11 and will be static. This move is set to enhance the network’s privacy.
“Approximately on the 18th of October, there will be a scheduled network upgrade on the Monero network. To be sufficiently prepared, a user, service, merchant, pool operator, or exchange should run CLI v0.13.0.0 or GUI v0.13.0.0,” according to the Monero team on Twitter.