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Two-Week Rally Pushes Monero to New Record High
Following a two-month period in the doldrums, the price of the privacy-focused cryptocurrency monero has climbed to a new all-time high of over $155.
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Following a two-month period in the doldrums, the price of the privacy-focused cryptocurrency monero has climbed to a new all-time high of over $155.
Having sat in the $80-$100 range since Sep. 18, monero first significantly broke above the $100 mark on Nov. 8 and has since continued to rally. Finally, at around 11:30 UTC today, monero peaked at a new record high of $156.09 – just topping the previous high of $154.58 set on Aug. 28.
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At press time, prices were still climbing. The gains for the eighth largest cryptocurrency by total value mark a 14.59 percent rise over the last 24 hours, and on a weekly basis, monero is up 27.07 percent, as per CoinMarketCap.
As is becoming a common theme in price updates across various cryptocurrencies, South Korean trading seems to be playing a part in the buoyant monero market.
Again going by CoinMarketCap data, Korean exchange Bithumb is responsible for 31.64 percent of the trading volume. However, European exchange BitBTC and U.S.-based Poloniex are posting significant volumes at 15.07 and 14.30 percent, respectively.
Monero's market capitalization is around $2.4 billion at press time.
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