$BTC The movement of Monero generates scrutiny
The private cryptocurrency Monero (XMR) skyrocketed by up to 40% in the last day, reaching a high of nearly $350 at one point this morning. The volume surged. XMR has not moved much since late March, remaining within a narrow range of $215 to $230.
It seems that the momentum of XMR is under scrutiny. On-chain researcher ZachXBT identified a "suspicious transfer" of 3520 BTC, worth approximately $330 million, exchanged for XMR, a relatively illiquid token. A sudden increase in demand triggered the spike, according to ZachXBT in a post on X ( CoinDesk ).
The trading volume of XMR usually hovers around $50 million on any given day, according to a seven-day moving average. However, during the last day, the volume soared to $220 million, according to CoinDesk.
XMR has a total market capitalization of $4.97 billion, making it the 30th largest digital asset, according to CoinGecko.
As for the rest of the major cryptocurrencies, BTC has risen slightly while ETH remains stable; XRP is significantly outpacing each of them, with a 7% increase in the last 24 hours.
Meanwhile, looking at the shallower end of the pool, we see that the native CSPR of the Casper Network's layer 1 has increased by 56% in the last day. CSPR has a market capitalization of approximately $200 million, making it the 285th largest token. This spike, according to Coinspeaker, comes ahead of the anticipated Casper upgrade scheduled for May 6.
