The main factors that the Monero price rally (XMR) continues even when Bitcoin (BTC) takes bull breather
The Bitcoin (BTC) rally stops above $ 100K, slowing down recovery rallies to major altcoins. But a coin stands elastic: Monero (XMR), the world’s largest digital dedicated to the worldwide by market value.
XMR rose 4.6% this week to $ 347, with prices earning 2% in the past 24 hours, according to CoinDesk data. Cryptocurrency has outshone every other top 100 tokens according to market value in the past 24 hours. Bitcoin, the head of the market, dropped 1.6% in the past 24 hours, which lasted a weekly decline by 2%.
Monero’s performance was more impressive, considering its 110% recovery from the low $ 165, hit in early April selling when Bitcoin dropped to $ 75,000. XMR price charts is already signed The meteoric increase with a bullish golden cross a month ago.
The rally can be attributed to many factors, including a desirable regulation view, according to HTX.
“In the US, the regulation views have moved in advance of the FIT21 law and the SEC shows increasing ambiguity in the classification of some tokens, avoiding market concerns in the privacy coin regulation and the motivation of careful capital flows,” the HTX research analysts told CoinDesk.
The coming Upgrading Full-Chain Membership (FCMP ++)A new and stronger integration of privacy feature, because eventually this year, can also be galvanizing investor interests.
“FCMP ++ enhances the resistance to the volume of Monero by providing forward secrets, ensuring that an opponent in total will not ruin the privacy of previous transactions even if they solve the ECDLP. By replacing ring signatures with full proofs of chains, it removes the weaknesses that may take advantage of the mono said X..
Here is an analogy to help one understand the above. Imagine having a personal diary with a lock, but there is a risk of a person forming a super-smart device to break the lock.
FCMP ++ is probably an added layer of smart lock that protects money entries while ensuring that a potential creature manages to avoid security tricks will not see previous entries.
HTX also taught rumors of major exchanges seeking to list XMR as a source of bullish pressure for cryptocurrency.
“Rumors whose major exchanges consider the development of some privacy coins further strengthened the emotion,” said HTX analysts. “Due to their lower liquidity and concentrated handling, privacy coins show increased price elasticity than major cryptocurrencies, which often result in more intense price movements when capital enters the market.”
Finally, some observers suggested that the recent BTC robbery of $ 330 million could have been -laundered by XMR, leading to a bullish price action.
Read more: How the $ 330m BTC hacker can double in Monero Derivatives
