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Monero Leads Altcoin Rally on Market with 9% Price Increase, As XRP Follows

Sun, 03/06/2022 - 14:50
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Arman Shirinyan
Monero suddenly gets first place in altcoin rally with an impressive price increase
Monero Leads Altcoin Rally on Market with 9% Price Increase, As XRP Follows
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Private cryptocurrency Monero is leading the altcoin rally on the market with an approximately 9% price increase in the last 24 hours as more people return to the "old classic" tier of cryptocurrencies. XRP also follows the trend with a 4% price increase, according to CoinMarketCap.

As the coin tracker suggests, Monero's capitalization has faced a 5.5% increase in the last few hours in addition to a 2% volume increase. As for BTC valuation, the market saw an even greater price increase. 

XMR Chart
Source: TradingView

At the beginning of March, Monero also faced a sudden volume and price increase as market players turned their heads toward "private" cryptocurrency solutions. The price of the asset reached $178 at the local peak.

We observed the highest price for the asset on Feb. 10, when XMR was trading at $187.

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Though the asset shows short-term gains‌, Monero trades in a sharp downtrend along with most of the assets on the market. According to TradingView, XMR has lost almost 70% of its value in the last 300 days of trading. Monero reached its ATH in May and has been trading at approximately $480.

Other altcoins follow

While Monero reaches another local high, other altcoins like XRP and WAVES are also following the recovery with an average 5% price increase. Despite the questionable performance of both assets in the long-term, they have both shown decent performance in February, with an average 20% profit.

At press time, Monero trades at $168 with a 9% price increase in the last 24 hours. XRP follows with 4% growth.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.