- Monero price has outperformed other cryptocurrencies in the past few weeks.
- This performance accelerated after the recent network upgrade.
Monero price has done relatively well in the past few days as investors cheer the recent network upgrade in a bid to make it faster and more secure. The XMR token rose to a high of $174, which was the highest it has been since June 10. It has risen by more than 70% from its lowest level this year, giving it a market cap of over $3 billion.
XMR demand rising
Monero is a leading cryptocurrency that focuses on the privacy of transactions. Its technology uses advanced encryption to ensure that all transactions are protected. This is unlike other privacy coins like Zcash. It works by ensuring that the sender, receiver, and the amount of every transaction are hidden. Monero uses technologies like Stealth Addresses, Ring Signatures, and RingCT.
Monero has many use cases. For example, many dark web marketplaces provide it as a payment option since its technology cannot be tracked. Similarly, Monero is used extensively in cybercrime since other coins like bitcoin have their privacy challenges.
Learn more about how to buy Monero.
Monero price has rallied this week even as other cryptocurrencies have struggled. This performance is mostly because of the rising demand after the developers announced a major upgrade and hard fork.
This hard fork brought a number of solutions that are intended to make it faster and significantly secure. For example, it boosted a technology known as multisig. Multisig means that transactions need multiple signatures before they are submitted to the network and executed. This upgrade means that there will be a whole group of wallets and collaborations to use.
Further, the network transitioned from bulletproof to bulletproof+. Bulletproof is a zero-knowledge algorithm that is intended to improve security.
Monero price has also risen because of the recent crackdown of crypto mixers like Tornado Cash. Analysts believe that users of this product will embrace privacy tokens like Monero.
Monero price prediction
The four-hour chart shows that the XMR price has been in an upward trend since June 19th of this year. It has risen by over 70% in this period. Recently, the coin has formed an ascending channel shown in green and moved slightly above the 25-day and 50-day moving averages. Monero is in the middle of this channel.
Therefore, the outlook for Monero price at this point is neutral with a bearish bias. A move below the support at $160 will signal that bears have prevailed. As a result, this will see the coin drop to the next reference level at $137.
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