HomeNewsPrivacy Coins Monero, Dash, and ZCash Gear Up for a Massive Rally...

Privacy Coins Monero, Dash, and ZCash Gear Up for a Massive Rally Amid CBDC Competition

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  • Monero (XMR) posts a 3.33% gain, with an overall weekly growth of 12.99%, reflecting its attempt to pioneer a new bullish trend among privacy coins.
  • Despite this upward trajectory, concerns persist about the sustainability of its growth due to a decrease in trading volume and potential regulatory issues surrounding its privacy status.

Monero (XMR), a leading privacy coin, is currently making notable strides within its ecosystem as it experiences a 3.33% price increase within the past 24 hours, pushing its current value to $152.50. These advances reflect the broader market’s upturn, with Monero capitalizing on this momentum and posting an overall growth of 12.99% within the past week.

However, the question of Monero’s capacity to sustain its pace looms large. It is widely understood that a bullish uptrend can be prompted by general market sentiment. Still, the ability to sustain such growth is typically dependent on the key fundamentals of the protocol. Despite carving out an essential niche as a privacy token, Monero is displaying an underwhelming trading volume, indicating a general disinterest in the cryptocurrency.

Data from CoinMarketCap reveals a 12.37% dip in Monero’s trading volume overnight. This drop suggests that buying momentum might diminish in the short term, casting shadows over its current positive streak.

Adding to this uncertainty, the Monero ecosystem also grapples with Fear, Uncertainty, and Doubt (FUD). This sentiment stems from the United States Securities and Exchange Commission’s (SEC) increased scrutiny on tokens perceived as investment contracts trading on cryptocurrency exchanges.

The inherent privacy status of Monero also presents a unique challenge that might hinder its long-term growth. Given the present uncertainties surrounding the coin, speculation is rife on whether the cryptocurrency can hold its ground among its contemporaries.

In a broader perspective, the larger crypto ecosystem is striving to retest new peaks, with mixed market sentiment presently. Bitcoin has slightly retreated from its monthly high by 0.22%, while Ethereum is down by 1.05%. Monero’s 3.3% gain ranks it among the top-performing altcoins today, which could help it achieve more notable milestones in the near term.

InvestorsObserver’s analysis offers Monero an average risk rating, based on a proprietary scoring system that evaluates the recent changes in volume and market cap to gauge a coin’s potential for manipulation through limited trading.

As of the last 24 hours, Monero trades at $162.33, which is a 2.76% decrease. Despite the lower volume, the coin’s market capitalization has increased, currently standing at approximately $2.97 billion. This current risk score indicates that Monero represents a moderately risky investment. The recent price movement, relative to changes in volume and market cap, thus results in an average risk assessment for Monero.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628