Monero (XMR) Hits a 7-Month Peak: What Happened and What’s Ahead?
Most leading digital assets have posted minor losses over the past 24 hours, while the total capitalization of the crypto market has slightly retreated during the same period.
The popular privacy token Monero (XMR) defied the ongoing conditions, registering a double-digit increase and nearing the prestigious top 10 club. Here’s what fueled the rally.
Leading the Gainers
XMR is the best-performing cryptocurrency from the top 100 list today (August 31), with its price briefly surging to almost $530, the highest since January this year. Currently, it trades at around $525 (per CoinGecko), representing a 43% jump on a monthly scale.
The asset’s market cap jumped to nearly $10 billion, overtaking well-known altcoins like Chainlink (LINK) and Cardano (ADA) and making it the 13th-largest cryptocurrency.
Perhaps the biggest catalyst for the move north is THORChain’s network upgrade, which reportedly introduced native support for XMR swaps.
According to X user Nebrasangooner, breaking above the $410 resistance was the key bullish trigger, suggesting the asset is ready to take off. For his part, David Gokhshtein remains baffled by how XMR printed such gains without being listed on many major exchanges.
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