Monero jumps 40% as trading volume tops $220 million
Monero (CRYPTO :XMR) surged more than 40% in the past 24 hours, with trading volumes soaring from a seven-day average of $50 million to over $220 million, despite no clear catalyst behind the move.
The privacy-focused cryptocurrency traded above $320 in Asian markets on Monday, reaching levels last seen in May 2021.
“There appears to be no clear catalyst behind $XMR’s recent rally. Network activity remains consistent with typical levels, suggesting the move may be more speculative in nature,” stated Min Junng, a research analyst at Presto.
The broader crypto market remained relatively flat during the same period, with Bitcoin holding above $93,000 and the CoinDesk 20 index little changed.
XRP (CRYPTO:XRP) led gains among tokens, rising 4% after news of a ProShares ETF approval, which will see three futures-tracked XRP products launch on April 30.
Other large-cap tokens such as Cardano (CRYPTO:ADA), Binance Coin (CRYPTO:BNB), and Ethereum (CRYPTO:ETH) posted modest gains between 1% and 3%.
Market sentiment remains cautiously bullish, with traders noting that macroeconomic challenges and regulatory changes continue to shape the landscape.
“Bitcoin has maintained a relatively stable range above $92k as Trump’s administration softened tariff policies of the crypto industry. This crypto-friendly attitude can boost Bitcoin and other cryptocurrencies to develop their own market direction, less correlated with US equities, and enable more growth and innovation in the industry,” commented Jupiter Zheng, Partner at HashKey Capital.
Meanwhile, equity markets were mixed, with a regional index up 0.6%, S&P 500 futures down 0.6%, and gold paring last week’s gains.
The Hang Seng index and other major Asian indices also traded flat.
At the time of reporting, XMR price was $284.15.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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