Monero (XMR) surges 150% in a year amid renewed demand for privacy coins
Monero (XMR) has quietly staged one of the most impressive rallies in the cryptocurrency market over the past 12 months gaining more than 150% year-on-year as investors revisit privacy-focused digital assets. The privacy coin is trading at $344.29 as of May 15, up just over 1% on the day and 17.86% over the past week. While its daily performance appears modest, XMR has seen a steady build-up in momentum since early April, when it bottomed out near $165 during a broader market sell-off triggered by Bitcoin’s (BTC) sharp drop to $75,000. XMR 1-year price chart. Source: Finbold Momentum accelerated through May, lifting Monero’s monthly gains to 58.97%. Year-to-date, the asset has more than doubled in value, pushing its market capitalization to $6.32 billion and securing the 24th spot among the top 100 cryptocurrencies by market cap. What’s behind the Monero price rally? The XMR rally appears to be underpinned by a confluence of factors, including a more favorable ...