Monero ($XMR) Breaks Out as Privacy Coins Surge in Popularity
Monero has been on an impressive run in 2024, gaining momentum as the market demand for privacy-focused crypto intensifies. The price recently hit $402, marking seven straight weeks of gains and a nearly 300% rally from its 2024 low. With a current market cap of $7.4 billion, $XMR is approaching its all-time high of $517.
Despite being delisted from top-tier exchanges like Binance and Coinbase, Monero continues to thrive, with most trading activity now on platforms like KuCoin, HTX, and MEXC.
This surge comes amid rising concerns about privacy, particularly as Tornado Cash—a popular Ethereum-based privacy protocol—faces ongoing legal pressure. Other privacy coins like Zcash ($ZEC ) have also gained, with $ZEC up nearly 95% from its 2024 low.
Fueling Monero’s momentum was a mysterious transfer of over 3,500 BTC (around $330 million) into XMR, believed to be linked to a hack, as reported by ZachXBT. With recent exploits like the $223 million Cetus Protocol hack, analysts suggest Monero could see even greater demand. Its untraceable transaction features—such as ring signatures and stealth addresses—make it a preferred choice for privacy seekers and, increasingly, hackers.
From a technical view, XMR has broken out of a multi-year range ($127–$187) and entered the markup phase of the Wyckoff cycle. It’s currently trading above its 50-week and 100-week EMAs, though the RSI indicates overbought conditions.
If the rally continues, $XMR could retest its ATH before potentially entering a cooling-off phase.
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