The monero market cap hits a 2-year high which was a level seen back in 2018 so this can be considered as a price movement of a fundamental correction as we can see more in today’s Monero XMR news.
Monero is still the most important privacy coin in the crypto ecosystem which is having a great time and outperformed Bitcoin in comparison. XMR closed with a total market capitalization of $2.29 billion and it is now priced at $129 per token showing phenomenal performance and achieved a Monero market cap that was not seen since 2018 when the bearish sentiment took over the entire crypto space and drained the markets in general. Looking at it from another perspective, and considering the capitalization of this level was seen during 2018 in a bearish phase but Monero is breaking limits that were only seen in 2017 during the last bullish run of the crypto markets.
The Relative Strength Index which determines whether an asset is in the overbought territory or in a state of equilibrium shows that the bulls are in control. The token starts to move into overbought territory which means that traders should be very careful and should think ahead of a possible sell-off. In general terms, a higher RSI under these circumstances doesn’t look as bad as that of 2017. Other data shows a balance in the market and a good place to start the short-term. From the point of view of other fundamentals, Monero proves its value over time. the blockchain was able to remain intact and prove that it is undecipherable for even the most influential government agencies across the world.
Although there are companies like Chainalysis that are working to help government agencies and regulators to find a solution for tracing these privacy coins and invade it for people who love using them, none of the attempts were successful. The concern of the authorities seems to have a great effect among investors as the US Department of Justice issued a statement calling on the companies to collaborate with authorities to allow them access to private data and the community as well as the privacy proponents responded fiercely which of course translated into a price increase.
However, the cryptocurrency is still 73% lower than its all-time high but it is performing better than other tokens in the top 10 by market cap while being far from occupying a place in a privileged list of coins like Chainlink and Polkadot.
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