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Monero (XMR) 25% Weekly Gain Leads Cryptocurrency Market, Avoids Sell-Off

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After a week of strong gains and altcoin rally, the market has just experienced a moderate correction that has placed most digital assets in the red, but Monero seems to be ignoring the current trend, especially after rising 25% over the past seven months. days.

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Since mid-June, the value of XMR has risen by more than 50% mainly due to the recovery of the industry and increased demand for privacy-focused assets. Monero continues to be the most popular tool for moving funds privately in the blockchain space.

Source: trade view
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Cryptocurrency is still showing the same trend of repeating numerous short-term recovery cycles. We last saw it in May, when XMR had a sudden and explosive recovery, giving its investors over 70% returns in a matter of days.

Monero remains the king of the “crypto underground”

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Earlier this month, Cryptooshala reported that the number of Monero transactions is still growing significantly as the darknet favors the private coin over the largest cryptocurrency on the market.

Monero retained the crown as the king of the cryptocurrency underground as it easily surpassed privacy coin ZCash in terms of private transactions. XMR handles 98% of all private transactions on the blockchain.

Technically, XMR has no competitors in the private cryptocurrency segment, as the coin can easily compete with the largest in the industry as a whole, including Solana, Ethereum, or assets like Bitcoin Classic.

Monero is the fifth most popular PoW cryptocurrency on the market and the second largest gifted asset in the entire industry.

At press time, XMR is trading at $149 and showing a 2% price increase over the last 24 hours.



Credit : u.today

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