Monero (XMR), a privacy-focused cryptocurrency, had an explosive breakout, soaring as much as 40% in just one day. This spike occurred at the same time as a massive increase in trading volumes. In just 24 hours, that average increased by $50 million—shooting up to well over $220 million! Perhaps the biggest factor is that Monero’s price is surging—and it may be thanks to a potential exploit. Our on-chain research indicates some highly suspicious transactions in which Bitcoin are being exchanged for Monero.
On Tuesday, Monero touched as high as $371, the highest price since mid-May 2021. It eventually evened out at approximately $264, but still carries a 15% jump in the last 24 hours. Aside from XRP, the rest of the cryptocurrency market saw positive movement. Ripple’s XRP dominated the rally of the top 10 cryptocurrencies, buoyed by an approval of a ProShares ETF.
The recent Monero price spike might be the result of a potential exploit. On-chain research by crypto analyst ZachXBT traced a “suspicious transfer” of 3,520 BTC ($330.7 million) that was subsequently converted into Monero.
Monero implements the CryptoNote protocol to achieve a strong default level of anonymity for all its users. This technology increases the unlinkability and untraceability of transactions to strengthen user privacy.
With XRP leading the charge, overall crypto market gained major 6.7% in past 24 hours on the back of a ProShares ETF approval. Cardano’s ADA outperformed, gaining more than 3%, while BNB Chain’s BNB rose 1%. Bitcoin climbed past $94,800, 0.7% higher in the past 24 hours.
Bitcoin has maintained a relatively stable range above $92k as Trump's administration soften tariff policies of the crypto industry. - Jupiter Zheng, Partner, Liquid Fund and Research, HashKey Capital
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. - Jupiter Zheng, Partner, Liquid Fund and Research, HashKey Capital
The CoinDesk 20 index, which measures the performance of the largest cryptocurrencies, added 2.2% by the middle of the European morning. Gold gave back most of last week’s record setting rally, bringing gold off last week’s historic highs.
