Monero (XMR), one of the few cryptocurrencies that emphasizes anonymous transactions, has seen a rise in value in the last week. This is notable news considering crypto market is in the downtrend.
According to data from CoinMarketCap, the XMR price pumped by 10% in the last seven days, making it one of the biggest gainers among the top 100 cryptos. Right now, its trading at $172.69.
However, Twitter analyst “Dog Dad Devan” made his 19.8k followers understand that the crypto bull cycle hasn’t even started yet, but it can be seen by looking at the weekly Monero $XMR Chart.
The best indicator that the crypto bull cycle hasn’t even started yet can be seen simply by looking at the weekly Monero $XMR chart:– privacy utility – 2nd most used coin on the dark web– no bull cycle yet2017 $1 > $3802021 $29 > $5002024 $100 > $174 (so far) pic.twitter.com/B0oVjtGgOB
— Dog Dad Devan | GM (@dogdaddevan) September 3, 2024
Monero’s ($XMR): Reasons for Price Increase
Dog Dad Devan stated that a major reason for XMR’s price increase is due to its robust privacy features. For those who value privacy in their digital transactions, it continues to be one of the few cryptocurrencies offering true anonymity.
This usefulness, combined with growing concerns over data privacy, has led to a progressive price increase in 2024.
The analyst also mentioned that XMR is the second most popular coin on the dark web, where users highly value its privacy features.
Moreover, the correlation between Monero and the dark web is beginning to attract regulatory attention, but it also increases the demand for Monero and raises its price in the larger market.
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Show more +Show less – Monero ($XMR) Price History
In the past, Monero has grown significantly during previous bull markets. In 2017, its price surged from $1 to $380, while in 2021, it witnessed another rally rising from $29 to $500.
However, these spikes coincided with overall bullish trends in the crypto market, indicating its potential for strong upward momentum during peaks.
As of 2024, the price of Monero has been slower to accelerate. Starting at $100, it has only gotten to $174 so far. Some traders think Monero is ready for a future rebound as the market as a whole continues to change, despite the sluggish price movement.
Finally, broader market trends and growing consumer demands for privacy in digital transactions will probably determine Monero’s future route. Monero’s unique value proposition could potentially play a larger role in the crypto space.
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