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Monero Crypto Becomes Top Gainer This Week After Hitting New All-Time High
Monero (XMR) has experienced a remarkable weekly price increase of over 40%, propelling it to a new historical high. The cryptocurrency was trading at $450 last Friday and surged to $799 on Wednesday, marking a staggering increase of 77% before settling back to $701.
This impressive performance made Monero the best-performing cryptocurrency among the top 50 coins by market capitalization. Currently ranked 10th, Monero is eyeing a potential dethroning of Cardano as it continues to gain momentum.
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"The rally of XMR occurred while most top cryptocurrencies struggled to maintain upward momentum."
Interestingly, Monero's price trajectory has shown a correlation with the movements of gold and silver, both of which have also reached new historical highs this week. This suggests that the market may be treating Monero as a safe haven asset, reflecting a growing demand for privacy-focused cryptocurrencies.
In light of recent developments, Monero has regained its position as a leading privacy coin, especially following the exit of developers from Zcash, which has diluted trust in that market. Zcash only saw a modest increase of 7% this week, highlighting the shifting demand towards Monero.
Demand Drivers and Liquidation Events for Monero
The recent rally in Monero's price can be attributed to several factors, including the challenges faced by Zcash, which may have led to a migration of investors towards XMR. Additionally, growing concerns about privacy have sparked interest in privacy coins, with Monero benefiting from its first-mover advantage.
Recent observations indicate that the narrative surrounding privacy coins could be one of the most significant themes of 2026. Notably, Monero experienced a record daily short liquidation event this week, with approximately $3.9 million in XMR shorts being liquidated, contributing to the upward price movement.
On Tuesday, Monero also recorded net outflows exceeding $5.7 million, marking the highest daily net outflow in the past 12 months. This selling pressure was likely driven by profit-taking as the cryptocurrency was deep in overbought territory, reflecting bearish expectations in the market.
| Metric | Value |
|---|---|
| Weekly Price Increase | 51% |
| All-Time High Price | $799 |
| Current Price | $701 |
| Daily Short Liquidation | $3.9 million |
| Net Outflows | $5.7 million |
| Open Interest | $278 million |
As Monero continues to attract attention, it has reached a record open interest of $278 million, indicating that the cryptocurrency is likely to experience more volatile movements in the future as interest in derivatives increases.
In summary, Monero's recent performance highlights its potential as a leading privacy coin, driven by market dynamics and investor sentiment. The cryptocurrency's ability to navigate challenges in the privacy sector positions it favorably for future growth.
Source: The Coin Republic
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