Monero (XMR) is one of the few crypto assets defying the ongoing market crash. While most major cryptocurrencies are registering big losses, XMR is trading in the green zone across all time frames. According to CoinGecko, the privacy-focused cryptocurrency has rallied 5.1% in the last 24 hours, 5.1% in the last week, 16.8% in the 14-day charts, and 12.2% over the previous month. Moreover, the asset is up by 126.2% since November 2024, meaning that your investments would have more than doubled in the last year. Let’s discuss what’s behind Monero’s (XMR) surprising price rally.
What’s Fuelling Monero’s Price Rally?
Monero’s (XMR) latest upswing comes amid other privacy-focused cryptocurrencies registering big gains. Dash (DASH) and ZCash (ZEC) also saw massive rallies over the last few days. DASH is, in fact, up by more than 140% in the weekly charts. However, both DASH and ZEC have faced corrections in the daily charts. Monero (XMR) is the only one among the three to trade in the green zone across all time frames.
Also Read: Dash Rallies 272% Amid a Crypto Market Crash: Here’s Why
Privacy crypto coins have gained substantial popularity recently. Monero (XMR) is among the most popular privacy coins in the market. Moreover, the project’s growing network fundamentals may have aided the price rally. Additionally, other crypto investors may have also flocked to Monero (XMR) after seeing its market-defying price movements.
Despite the incredible pivot, Monero (XMR) could fall victim to the larger market trend. Bitcoin (BTC) is struggling to hold on to the $100,000 price level. The original crypto briefly fell to the $99,000 price point earlier today. According to CoinGlass data, the crypto market saw more than $1.7 billion worth of liquidation in the last 24 hours. Moreover, the prolonged government shutdown in the US continues to add to the growing investor worry. Given the larger bearish market environment, Monero’s (XMR) latest price rally could come to a swift end, unless the larger market rebounds.
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