Monero’s XMR has surged 40% in 24 hours amid high trading volumes, despite no clear reasons. Bitcoin remains stable above $93,000 while XRP gains 4% thanks to a ProShares ETF. The crypto market sentiment is cautiously bullish with macroeconomic factors and regulatory changes influencing engagement.
Monero’s XMR has experienced an astonishing surge, climbing over 40% within just 24 hours. Trading volumes have exploded, rising from a steady $50 million on average over the past week to over $220 million in the last day. This remarkable rally comes despite the absence of clear catalysts in the market.
In terms of the broader cryptocurrency landscape, Bitcoin was trading above the $93,000 mark, experiencing a minor dip of about 1%. Meanwhile, the CoinDesk 20, which tracks the performance of the foremost cryptocurrencies, remained relatively stable during the Asia morning trading hours.
XRP has taken the lead among major cryptocurrencies, climbing by 4% in the last 24 hours. This uptick has been attributed to news about a ProShares ETF getting approved, with three futures-tracked products set to launch on April 30. Notable movements were also seen with Cardano’s ADA, BNB Chain’s BNB, and ether (ETH), showing modest gains of 1-3%.
Interestingly, while many cryptocurrencies appeared subdued, Monero stood out with its considerable price action. It reached over $320, reflecting levels not witnessed since May 2021. The surge suggests strong interest among traders, though Min Junng, a research analyst, pointed out that typical levels of network activity suggest this movement might have a speculative nature.
Monero, which utilises the CryptoNote protocol, is designed for privacy, making transactions unlinkable and untraceable. This feature likely appeals to users amid ongoing macroeconomic uncertainties and regulatory discussions.
Investor sentiment remains cautiously optimistic. Jupiter Zheng from HashKey Capital noted that Bitcoin has held a stable range above $92,000, partly due to a shift in the US government’s crypto regulations under Trump’s administration, which may allow for growth and innovation amid uncertain macroeconomic factors.
Meanwhile, in global equity markets, things are looking mixed with regional gauges gaining 0.6%, while futures for the S&P 500 dropped by 0.6%. This inconsistency hints that the recent rally in US equities might come to an end, with gold also pulling back from its previous record-breaking highs. Major indices across Asia, including Hong Kong’s Hang Seng, showed little movement as the day progressed.
