Monero’s XMR has surged 40% in a day with trading volumes exceeding $220 million. Bitcoin remains above $93,000, while XRP experiences a 4% gain due to ETF approvals. Market overall shows cautious optimism amid economic changes, but Monero’s rise lacks a clear catalyst, possibly indicating speculative trading.
In a surprising turn of events in the crypto market, Monero’s XMR price has skyrocketed over 40% in just 24 hours, with trading volumes shooting up dramatically from around $50 million to more than $220 million. This surge comes during a generally cautious period in cryptocurrency markets, where Bitcoin is currently trading just above $93,000, slightly down by 1%.
Market dynamics show that despite Bitcoin maintaining strong levels at around $94,000, the broader crypto space remained relatively steady on Monday morning in Asia, with the CoinDesk 20 failing to show significant movement. XRP took the lead among the major cryptocurrencies, climbing about 4%. This boost is largely attributed to ProShares receiving approval for an exchange-traded fund (ETF), with three futures-tracked products slated to launch on 30 April.
Interestingly, aside from the notable rise of Monero, other cryptocurrencies such as Cardano’s ADA, BNB Chain’s BNB and Ether (ETH) only moved between 1-3%. Market analysts, including Min Junng from Presto, pointed out there appears to be no clear catalyst for Monero’s dramatic rise. They suggested that the activity might just be speculative, while overall network engagement seems consistent with typical patterns.
Monero operates on the CryptoNote protocol which enhances privacy by rendering all transactions unlinkable and untraceable, distinguishing it from many other altcoins. Meanwhile, traders seem to be holding a mix of cautious optimism regarding market trends as macroeconomic conditions could shift.
Analysts like Jupiter Zheng from HashKey Capital note that Bitcoin’s steadiness above $92,000, amidst a more favourable regulatory atmosphere under the Trump administration, signals potential for growth beyond just cryptocurrency; he believes this could allow the broader crypto market to develop independently from US equity trends.
Across wider equity markets, movements appeared mixed on Monday. While a regional index saw a gain of 0.6%, futures for the S&P 500 slipped by a comparable amount. Gold prices also saw a correction after an impressive rally last week. Additionally, Hong Kong’s Hang Seng index mirrored this trend by remaining unchanged, reflecting a broader sense of steadiness in critical Asian markets.
