Monero suddenly gets first place in altcoin rally with an impressive price increase
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.
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.
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.