Privacy-focused digital token Monero (XMR) is one of the few major cryptocurrency to have posted gains over the past 24 hours, data from Coinmarketcap shows. The Monero price (XMR/USD) reached an intraday high of $120.39 earlier today, but it then retreated to lower levels. Still, the digital coin is currently trading at around $115, up from yesterday’s close of $111.33.
The price rise comes amid a significant increase in market activity. Monero’s 24-hour trading volume currently stands at $124.4 million, with South Korea’s Bithumb cryptocurrency exchange accounting for nearly 51% of the global market activity. Meanwhile Poloniex captures nearly a quarter of the trading volume, largely thanks to its XMR/BTC trading pair.
Monero is just a couple of days away from the activation of a hard fork that introduce the mandatory use of ‘ring confidential transactions’ (RingCTs). Originally scheduled for September 21, the fork is now expected to occur on September 16, due to increase in the cryptocurrency’s hashrate.
Monero’s focus on privacy is one of the cryptocoin’s biggest draws and the software change will further strengthen the network’s ability to obscure transaction outputs. Most Monero users are already utilising the RingCTs technology, even though it is currently optional.
In today’s trading, the Monero price stood at $115.50, as of 08:38 BST. The cryptocurrency has gained 9.3% over the past 24 hours, according to data from Coinmarketcap. The cryptocurrency has a total market capitalisation of $1.74 billion, which makes it the eight-largest digital currency on the market.
For further information on how to buy and trade Monero, see our comprehensive Monero guide.