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Monero (XMR) 25% Weekly Gain Leads Cryptocurrency Market, Avoids Sell-Off

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Thu, 21/07/2022 - 12:59
Monero (XMR) 25% Weekly Gain Leads Cryptocurrency Market, Avoids Sell-Off
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Following a week of strong growth and rallying altcoins, the market just saw the mild correction that put most digital assets into the "red zone," but Monero seems to ignore the current tendency, especially after showing a 25% growth in the last seven days.

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Since the middle of June, XMR gained more than 50% to its value mainly because of the recovering industry and the increased demand for privacy-oriented assets. Monero still remains the most popular tool for moving funds in the blockchain space completely privately.

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Source: TradingView

The cryptocurrency is still showing the same tendency of repeating numerous short-term recovery cycles. The last time we saw one was back in May when XMR had a sudden and explosive recovery, bringing more than 70% profit to its investors in a matter of days.

Monero remains king of "crypto underground"

Back at the beginning of this month, U.Today reported that the number of Monero transactions is still rising massively as the darknet prefers the private coin over the biggest cryptocurrency on the market.

Monero kept the crown of the king of the cryptocurrency underground as it easily beat ZCash privacy coin in the number of private transactions. XMR handles 98% of all private transactions on the blockchain.

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Technically, XMR has no competition in the private cryptocurrency segment as the coin can easily compete with the biggest representative of the industry in general, including Solana, Ethereum or assets like Bitcoin Classic.

Monero is the fifth most popular PoW cryptocurrency on the market and the second biggest gifted asset in the whole industry.

At press time, XMR is trading at $149 and showing a 2% price increase in the last 24 hours.

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