Monero Hits $658 as Broader Market Rally Stalls

TL;DR

• XMR has hit a new all-time high of $658 after adding 16% to its value in the last 24 hours.

• Monero is now the 11th-largest cryptocurrency by market cap after overtaking Bitcoin Cash (BCH).

XMR Rallies to a New All-time High Above $650

XMR, the native coin of the Monero ecosystem, has been the best performer among the top 20 cryptocurrencies by market cap. The coin is up 16% in the last 24 hours and has set a new all-time high price of $658.

At press time, Monero (XMR) is trading at $649 after slightly retracing from its all-time high price. Monero surged 44% over seven days, driven by increased interest in privacy-focused assets, though caution is advised due to potential pullbacks.

Data from Santiment shows that XMR’s rally coincided with a sharp increase in attention toward privacy-focused assets, with Monero emerging as the sector’s clear leader.

Broader Market Rally Stalls

While Monero is rallying, the broader crypto market has been ranging over the past few days. Bitcoin is trading above $92k after adding less than 1% to its value in the last 24 hours. 

Ether has reclaimed the $3,100 level despite losing 0.8% of its value, while XRP risks dropping below $2.0 if the market conditions remain bearish.

Analysts believe that Bitcoin’s price dropping below $90k could hurt the broader crypto market.

Alex Kuptsikevich, chief market analyst at FxPro, stated that,

“A slip below $90,000 could have a strong psychological effect. That could quickly open a move toward $87,000 and potentially much lower levels if confidence breaks.”

The total cryptocurrency market cap remains above $3.1 trillion but has shed 0.07% of its value in the last 24 hours.