Explore the crypto market’s stability as Monero surges, offering insights into trends and future predictions. Stay informed with our update.
The cryptocurrency market experienced a period of stability during the Asian morning trading hours. Bitcoin (BTC) maintained a position above $94,000, while the CoinDesk 20 index, representing the performance of the largest cryptocurrencies, remained largely unchanged. Among the major cryptocurrencies, XRP led with a 4% increase, buoyed by the approval of a ProShares ETF that is set to launch three futures-tracked products on April 30. Meanwhile, Cardano’s ADA, BNB Chain’s BNB, and Ether (ETH) saw modest gains ranging between 1% and 3%.
In a market mostly characterized by steadiness, Monero (XMR), a privacy-centric cryptocurrency, made headlines with a significant surge of over 40% within 24 hours. Trading at more than $320 during Asian trading hours on Monday, Monero reached levels last seen in May 2021. The trading volumes for Monero skyrocketed from an average of $50 million over a 7-day period to more than $220 million in the past day. Min Junng, a research analyst at Presto, remarked in a Telegram message to CoinDesk, “There seems to be no obvious catalyst behind XMR’s recent rally. Network activity remains steady, suggesting the move may be speculative in nature.” Monero’s appeal lies in its use of the CryptoNote protocol, which guarantees that its transactions remain unlinkable and untraceable.
Trader sentiment continues to carry a short-term bullish outlook, albeit with caution due to ongoing macroeconomic challenges. Jupiter Zheng, a partner at Liquid Fund and research expert at HashKey Capital, commented to CoinDesk via Telegram, “Bitcoin has held a relatively stable range above $92,000 as the Trump administration has softened tariffs policies affecting the crypto industry. Such a crypto-friendly stance could foster a market trajectory for Bitcoin and other digital currencies that is less tied to US equities, paving the way for further growth and innovation.”
While the broader equity markets displayed mixed trends on Monday, a regional gauge rose by 0.6%, whereas futures for the S&P 500 declined by the same margin, potentially ending a four-day rally for US equities. Gold, meanwhile, trimmed gains from a record-setting rally the previous week, and major indices like Hong Kong’s Hang Seng index remained flat.
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