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Monero's Market Cap Flips Litecoin and Toncoin as XMR Enters Top 25 Tokens
Monero's price has more than doubled this year.
What to know:
- Monero (XMR) has surpassed litecoin (LTC) and toncoin (TON) to become one of the top 25 digital assets by market value, with a market capitalization exceeding $7.5 billion.
- Monero's privacy features make it popular among criminals, with reports of its use in fundraising by groups linked to the Islamic State.
- The cryptocurrency's price has more than doubled this year.
Privacy-focused cryptocurrency monero has overtaken litecoin and toncoin to rank among the top 25 digital assets by market value.
The so-called flippening is characterized by XMR's market capitalization topping $7.5 billion, racing ahead of TON's $7.48 billion and LTC's $7.35 billion, according to data source Coingecko.
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Monero is a decentralized, peer-to-peer cryptocurrency with privacy-enhancing technologies to obscure transaction details. That makes traditional financial tracking and intercepting methods largely obsolete, which explains why criminals love cryptocurrency.
Earlier this year, a media outlet linked to the Islamic State (ISIS) Pakistan Province reportedly published a poster calling for contributions of "jihad with wealth" and sought donations in monero.
Still, prices for the controversial coin have risen over 100% to above $400 this year, hitting levels last seen in early 2021, CoinDesk data show. The rally has been supposedly led by optimism about the impending privacy upgrade and rumors of re-listing by major exchanges, including the U.S.-listed Coinbase.
Meanwhile, , considered silver to bitcoin's gold, has dropped 6% this year to trade below $100. Toncoin, which is deeply integrated into the social messaging app Telegram's economy, has dropped 25% this year.
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