Monero (XMR) Coin Touches $211, Privacy Coin's Highest Price in 2 Years
2024-12-09
Bittime - Monero (XMR) saw a significant price spike, reaching $211.07 today, its highest value since May 2022, before finally stabilizing at $205.05.
In one day, this coin recorded an increase of 17.8% and has increased 30.6% in the last week.
Positive Trends of Privacy Coins
Price surge Monero This is in line with the positive trend experienced by other privacy coins in the market, where the entire sector saw an increase of more than 12% in the last 24 hours.
Coins like Haven registered a whopping 217% gain, followed by Verge which rose 188%, and Zcash which rose 27.5%.
Smaller privacy coins, such as Iridium and Haven, have also shown significant growth, reflecting growing interest in the privacy coin market.
Read too Exploring the Top 5 Privacy Coins: There's Monero (XMR) to Decred (DCR)
Causes of Monero (XMR) Price Surge: US Court Ruling
This Monero price increase is related to the recent decision of the US Fifth Circuit Court, which overturned sanctions imposed by the US Treasury against the Tornado Cash coin mixer.
The court ruled that Tornado Cash's immutable smart contracts cannot be classified as property, and so are exempt from sanctions.
This decision is a major victory for privacy advocates and blockchain developers.
In response, Tornado Cash's TORN token surged from around $3.60 in November to nearly $18, briefly even reaching $33.64.
Read too Crypto Mixer Tornado Cash Launders More Than $550 Million in 2023 Despite US Government Sanctions
Monero Privacy Technology (XMR)
Monero and other privacy coins use cryptographic techniques such as zk-SNARKs and ring signatures to protect transaction privacy.
These coins are considered more private compared to traditional cryptocurrencies such as Bitcoin, where transaction details are publicly accessible.
Although privacy coins are praised for offering anonymity similar to cash, they face significant regulatory scrutiny.
Governments and law enforcement have expressed concerns that their privacy features could facilitate illegal activity.
As a result, privacy coins like Monero have been removed from major exchanges, including Binance and Kraken.
Monero Coin Price Position in the Market
Despite these challenges, Monero remains a leader in the privacy coin space, with a market capitalization that far exceeds that of other privacy coins.
In the past month, Monero has risen 21%, maintaining its position as the largest privacy coin by market capitalization. S
In addition to the price surge, technical indicators show strong bullish momentum for Monero, with the Directional Movement Index (DMI) reaching 41.4, signaling that buyers still dominate.
Source: coinmarketcap
However, increasing selling pressure suggests that this uptrend could be slowing, with the next level of resistance around $217.
Conclusion
Overall, price action for privacy coins is driven by growing interest in anonymous and decentralized transactions.
Apart from Monero, other privacy coins such as Dash, Verge, and Zcash also posted strong weekly gains.
Dash, in particular, surged by 167% in November.
The market's continued interest in privacy coins reflects growing demand for more secure and private cryptocurrency options, especially following regulatory developments surrounding Tornado Cash.
FAQ
Is Monero XMR Safe?
Monero (XMR) is considered safe in terms of its technology and privacy features.
It uses advanced cryptographic techniques to ensure anonymity and security of transactions.
However, as with any crypto asset, it is important to store it safely and be aware of potential risks, such as fraud or phishing attacks.
Why is Monero Illegal?
Monero itself is not illegal; However, its privacy features have raised concerns among regulators and law enforcement.
These features have the potential to facilitate illegal activities, such as money laundering or tax evasion, leading to oversight and restrictions in some jurisdictions.
Is Monero Listed on Binance?
Currently, Monero (XMR) is not listed on Binance. The exchange delisted Monero and other privacy coins due to regulatory concerns regarding their anonymity features.
Cara Beli Crypto di Bittime
Ingin trading jual beli Bitcoin dan investasi crypto dengan mudah? Bittime siap membantu! Sebagai exchange crypto Indonesia yang terdaftar resmi di Bappebti, Bittime memastikan setiap transaksi aman dan cepat.
Mulai dengan registrasi dan verifikasi identitas, lalu lakukan deposit minimal Rp10.000. Setelah itu, kamu bisa langsung beli aset digital favoritmu!
Cek kurs BTC to IDR, ETH to IDR, SOL to IDR dan aset kripto lainnya untuk mengetahui tren crypto market hari ini secara real-time di Bittime.
Selain itu, kunjungi Bittime Blog untuk mendapatkan berbagai update menarik dan informasi edukatif seputar dunia crypto. Temukan artikel terpercaya tentang Web3, teknologi blockchain, dan tips investasi aset digital yang dirancang untuk memperkaya pengetahuan kamu dalam dunia kripto.
Reference
Decentralized Dog, Monero Hits Two-Year High of $211 as Privacy Coin Market Sees Surge Following Tornado Cash Court Ruling, Diakses 9 Desember 2024
coinmarketcap, Monero Price (XMR), Accessed December 9, 2024
Author: IN
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
