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Monero (XMR) Sees 2-Year High In Market Capitalization

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Ali Raza

Monero (XMR) stands as one of the most important privacy coins out there in the overall crypto ecosystem. As it stands now, the token is doing great, and even managed to outperform Bitcoin in some cases, as well.

Crunching The Data

As of the 16th of October, 2020, XMR saw a closing total market capitalization of $2.29 billion. With Monero currently trading for $129 per token, the cryptocurrency is demonstrating incredible levels of performance. The coin had only managed to achieve this level of market capitalization back in 2018, just as the Crypto Winter that drained markets at large with bearish sentiments.

From another perspective, things look rather interesting. The last time Monero had seen such a market cap was during one of the most bearish time periods in crypto history. In terms of sentiment, Monero is breaking limits in its bullish investors, with the last levels of this enthusiasm only having been seen during the great bull run of 2017 caused by the ICO boom.

XMR Currently In A Bull Phase

When one looks at its Relative Strength Index, that is a value determining whether or not an asset is oversold, overbought, or currently, in an equilibrium state, it shows that bulls are in control of the market at large. With the token starting to move in the overbought zone, it’s clear that traders need to be careful, and probably plan for a possible sell-off event to correct the price.

Even so, current circumstances show that a high RSI rating isn’t as scary as it once was back in 2017. Other points of data strongly suggest that the market is in a state of balance, promising a good place for short-term growth, overall.

The Go-To Criminal Currency

Despite Monero having no support from the world’s law enforcement agencies, with the US hating it the most, it has historically proven its value over time, looking from a fundamental analysis. The blockchain protocol, despite the world’s law enforcement being against it, has managed to stay intact. This proves that it has remained elusively indecipherable, even for the biggest agencies out there in the world.

That probably won’t be forever, though, as Chainalysis, and companies like it, are working alongside regulators and agencies in order to find out that magic backdoor the authorities need to crack Monero’s anonymity. This is assuming that it hasn’t been done already, with the agencies keeping it secret.

While there are obvious reasons why governments don’t like Monero, the most prominent being how widely it’s used by criminal groups, the coin is here to stay, at least for now. An amusing little consequence of authorities trying to crack down against Monero seems to be that the price is only rising.

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