MoneroS Impressive Rally Continues,Eyeing All-Time High
Monero (XMR) has been on a remarkable upward journey this year. The privacy-focused cryptocurrency has surged for seven straight weeks, hitting a peak of $402. Last week was particularly strong, with a 20% price increase.
XMR has climbed nearly 300% from its lowest point in 2024. This surge has pushed its market cap to $7.4 billion.Despite being delisted from major exchanges like Coinbase and Binance, Monero trades actively on platforms like KuCoin, HTX, and MEXC.
Experts attribute Monero’s rise to growing demand for privacy coins. Issues with Tornado Cash, a privacy protocol on Ethereum, have boosted interest in alternatives like Monero and ZCash (ZEC). ZEC recently reached $50, its highest since January, up 95% from its yearly low.
A recent transfer of over 3,520 bitcoins (worth $330 million) into XMR has also fueled the rally. Analyst ZachXBT suggested this could be linked to a hack. As crypto hacks increase,Monero’s privacy features become more appealing.
Monero uses ring signatures, stealth addresses, and ring confidential transactions to ensure privacy. These features make transactions hard to trace, attracting users seeking anonymity.
Technically, XMR has broken out of a three-year range, signaling a shift to higher demand. It remains above key moving averages, though it’s now overbought.Bulls are targeting the all-time high of $517,about 27% above current levels.
