Monero Price Reaches Two-Year High of $211.07 Amid Market Rally
Monero #XMR, a leader in privacy-focused cryptocurrency, recently reached its highest value in over two years, hitting $211.07 before slightly retreating to $205.05 at the time of writing.
Monero and Privacy Coins Lead a Bullish Charge
Despite the dip, Monero has seen a 17.8% increase in the past 24 hours and a 30.6% rise over the past week, according to CoinGecko data. This growth is part of a broader rally in privacy coins, which have collectively gained over 12% in one day.
Other privacy coins also experienced significant gains. Haven Protocol [NC] surged by 344% to $0.0008443; Verge #XVG increased by 18% to $0.01852; Zcash rose by 27.5%, and Decred climbed by 30%.
These coins utilize advanced cryptographic techniques such as ring signatures, single-use addresses, and zk-SNARKs to obscure transaction details, enhancing user financial privacy.
Privacy coins offer a higher level of confidentiality than many traditional cryptocurrencies, with advocates arguing they function as digital cash, preserving fungibility similar to physical money. Proponents assert their importance in a world where transactions are heavily monitored. Critics, however, raise concerns regarding potential illicit uses of these coins.
A Courtroom Win for Crypto Privacy
Monero's path has been fraught with challenges. While its privacy features have garnered interest, they have also attracted regulatory scrutiny. Governments have attempted to breach its cryptographic protections without success.
Regulatory actions led to Monero being delisted from major exchanges like Binance and Kraken in October, causing significant market value decline.
In 2020, Coinbase CEO Brian Armstrong indicated that regulatory issues prevented the platform from listing Monero, which has adversely affected the availability of privacy coins on major exchanges.
The resurgence of the privacy coin sector aligns with a recent legal win for crypto privacy advocates. The U.S. Fifth Circuit Court overturned sanctions against Tornado Cash, a coin-mixing protocol, ruling that immutable smart contracts cannot be considered property due to their lack of ownership.
Although Tornado Cash differs from Monero, the ruling has revitalized interest in privacy-focused blockchain tools. The #TORN token associated with Tornado Cash rose from $3.60 last month to around $18, peaking above $33.
Monero's recent price movements reflect a sustained demand for financial privacy amid increasing transparency. The rise of Monero and similar coins indicates that privacy remains a critical aspect of the cryptocurrency landscape, sparking ongoing debate about its future relevance.