Monero (XMR) Boasts 34% Value Increase to $178 Due to Strong Privacy Protections
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- 2024-07-21 07:00:591104browse
In the world of cryptocurrencies, the importance of privacy and efficiency cannot be overstated. Monero has consistently excelled, boasting a substantial
Monero (XMR) price rose 34% to $178 as the cryptocurrency market showed signs of recovery on Monday morning.
Monero price soared as the cryptocurrency market showed signs of recovery on Monday morning. The privacy-focused coin added 16% to its price over the last week.
According to CoinMarketCap data, the token’s trading volume amounted to $3.01 billion over the last day. The total market value of all XMR in circulation stood at $3.02 billion.
Monero price remained resilient despite the broader crypto market facing a downturn in 2023. The coin started the year trading at around $140 before rallying to highs of $178.
XMR price performed well relative to other major cryptocurrencies, which saw significant sell-offs from their 2023 highs. Bitcoin (BTC) price dropped below $30,000 in March after rallying to highs of $48,000.
Cryptocurrency prices rebounded substantially from their 2022 lows, but the market remained bearish compared to 2021. Several altcoins outperformed BTC in terms of price gains this year.
Monoero price outlook as crypto market rebounds
Monero is a privacy-focused cryptocurrency that utilized the CryptoNote protocol to enhance user anonymity. The coin is known for its advanced privacy features, which have helped it maintain a loyal following among cryptocurrency enthusiasts.
Despite being ranked 31st among cryptocurrencies by market capitalization, Monero is valued at over $3 billion. The coin’s privacy focus and small size relative to other major cryptocurrencies have helped it weather the bear market better than most tokens.
XMR price could continue rising if the cryptocurrency market rallies into the end of March. The coin is up over 16% for the week and could add another 10% to reach $200.
At the time of writing, Monero price bullish scenario showed potential for a 12% price increase, taking XMR to $200, while a bearish scenario could see the coin drop 2.5% to trade at $172.
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