Monero (XMR) Price Hits a 2-Year High, Passing $346

Monero (XMR) just hit a price point it has not seen since mid-2021, passing $346 earlier today. This move has the privacy-focused cryptocurrency up more than 150% year-over-year

Monero (XMR) has just hit a price point not seen since mid-2021, trading above $346 earlier today. This move puts the privacy-focused cryptocurrency up over 150% year-over-year, making it one of the stronger performers among mid-cap digital assets this cycle.

XMR has yet to fully reach its all-time high of $517, although it is getting close. Over the past few months, the price has been steadily increasing, adding nearly 25% in May alone.

From a technical perspective, the price action has been favorable, with weekly candles closing strongly and hitting consistently higher highs. However, this rally is not solely fueled by chart patterns.

Researchers suggest that part of the growth can be attributed to a shift in the U.S. regulatory stance. The FIT21 crypto bill is gaining momentum, and the SEC is dialing back on classifying privacy coins as securities. This adjustment appears to be providing some relief to the market. It seems that the reduced pressure has encouraged greater capital allocation to assets like Monero, which had been caught in regulatory uncertainty.

Moreover, there is significant anticipation for Monero's upcoming FCMP++ upgrade, expected later this year. While it is a privacy update, it is also forward-focused, designed to enhance quantum resistance and safeguard older transactions even if computing power undergoes a substantial advancement. Essentially, it is an upgrade to the lock on Monero's already concealed ledger.

Rumors are circulating that major exchanges are considering the possibility of relisting XMR, which, in combination with Monero's lower liquidity and more concentrated tokenomic structure, can result in substantial price fluctuations when capital begins to flow.

Additionally, a recent report of a suspected $330 million BTC theft has sparked discussion, with speculations that Monero might have been used to obfuscate the trail. Regardless of the truth, this report has likely contributed to the heightened interest in XMR.

Currently, Monero's market cap stands at $6.38 billion, with 18.44 million coins in circulation — and no cap, as it is designed to be an open-ended cryptocurrency.