Monero suddenly gets first place in altcoin rally with an impressive price increase
Private cryptocurrency Monero is leading the altcoin rally in the market with a price increase of around 9% in the last 24 hours, as more and more people return to the “old classic” level of crypto -currencies. XRP is also following the trend with a 4% price increase, according to CoinMarketCap.
As the coin tracker suggests, Monero’s capitalization has faced a 5.5% increase in the last few hours in addition to a 2% volume increase. As for BTC valuation, the market saw an even greater price increase.
In early March, Monero also faced a sudden surge in volume and price as market participants shifted to “private” cryptocurrency solutions. The price of the asset reached $178 at the local high.
We observed the highest price for the asset on Feb. 10, when XMR was trading at $187.
Although the asset is showing short-term gains, Monero is trading in a strong downtrend with most assets in the market. According to TradingView, XMR has lost nearly 70% of its value over the past 300 trading days. Monero hit its ATH in May and is trading at around $480.
Other altcoins follow
While Monero reaches another local high, other altcoins like XRP and WAVES are also following the recovery with an average 5% price increase. Despite the questionable performance of both assets in the long-term, they have both shown decent performance in February, with an average 20% profit.
At press time, Monero is trading at $168 with a 9% price increase in the last 24 hours. XRP follows with a growth of 4%.
