Hassan Maishera
TL;DR
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XMR has hit a new all-time high price of $596 after adding 35% to its value in the last seven days.
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Privacy coins have been performing excellently in recent months amid growing retail demand.
XMR Hits a New All-time High of $596
XMR, the native coin of the Monero ecosystem, surged to a new all-time high of $596 four hours ago as it outperformed the broader cryptocurrency market.
The coin has added 35% to its value in the last seven days, hitting a market cap of $10.5 billion. Thanks to the rally, XRM is now the 12th-largest cryptocurrency by market cap, ahead of Chainlink.
At press time, XMR is trading at $570, with Bitcoin and other major cryptocurrencies also in the green.
The rally comes as privacy coins record excellent gains thanks to growing retail demand. Zcash and other privacy-related assets, such as Canton, also advanced, extending gains that began in late December.
Bitcoin, the leading cryptocurrency by market cap, is trading above $92k after adding 1.5% to its value in the last 24 hours.
According to analysts at 10x Research, Monero (XMR) is benefiting from a renewed focus on privacy and anticipation surrounding upcoming protocol upgrades, which have reignited demand despite persistent regulatory risks looming over the sector.
