Monero (XMR) Price Soars to Record High of $798 Amid Rising Demand for Privacy Tokens
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 9h ago- Price Surge: On January 15, XMR's price skyrocketed to $798, marking a 713% increase from its lowest point in 2023, with a market capitalization exceeding $12 billion, making it the 12th largest cryptocurrency, reflecting strong demand for privacy tokens.
- Futures Market Activity: XMR's futures open interest reached a record high of over $275 million, while its 24-hour trading volume hit $465 million, indicating sustained investor interest in privacy tokens that could drive future price increases.
- Technical Analysis: XMR has formed a cup-and-handle pattern with a depth of approximately 85%, breaking through the key resistance level of $517, with a target price of $965, and reaching the psychological level of $1,000 would further bolster market confidence.
- Exchange Listing Impact: The listing of XMR on the Hyperliquid platform, allowing traders to leverage up to 5x, attracted significant trades, further propelling XMR's price increase and demonstrating strong market confidence in privacy tokens.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
