The Monero price has popped as interest in the privacy coin lagged. The XMR price jumped to $323, which was the highest level since May 19. It has risen by more than 85% from its lowest level in July.
As a result, its total market capitalization has risen to more than $5.85 billion. It is now the 28th biggest cryptocurrency in the world after having been passed by the likes of Avalanche and Polygon.
Monero bullish trend supercharged
Monero is the biggest privacy-focused cryptocurrency in the world. The coin uses advanced encryption, which makes its transactions untraceable.
Indeed, the security is so secure such that the Internal Revenue Service (IRS) offered more than $600k to cryptographers who could crack the technology. The funds ultimately went to Chainalysis and Integra, two of the biggest cryptocurrency analytics firms in the world.
Monero’s technology is relatively different from that of Bitcoin, which can be tracked. Bitcoin transactions are usually available in a public ledger, meaning that it is possible to track them. As a result, most of Monero’s users are cybercriminals in dark web marketplaces. It is also wdely used by people doing legal deals but those who don’t want to leave a money trail.
The Monero price has jumped recently as investors remain bullish about the coin and its role in the marketplace. At the same time, it has rallied because of its close correlation with other cryptocurrencies like Bitcoin and Ethereum. Bitcoin price surged above $50,000 on Monday while Ethereum has started approaching $3,500. As a result, the volume of Monero has also risen to more than $248 million. In July, the highest daily volume was less than $200 million.
Monero Price prediction
The daily chart shows that the XMR price has been in a strong bullish trend recently. The coin jumped to a high of $323 and has been in an upward trend in the past five consecutive days. It also rose above the 25-day and 50-day moving averages. The coin also rose above the key resistance level at $315, which was the highest level on 3rd June.
Therefore, the coin’s price will likely keep rising as bulls target the next key resistance at $400. On the flip side, a drop below $280 will invalidate the bullish view.