Monero price skyrockets after Bithumb listing

on Aug 22, 2017
Updated: Mar 11, 2020

Price of the privacy-focused cryptocurrency Monero jumped more than 80 percent to reach a new all-time high of just over $95 in yesterday’s trading.

The sharp increase may have been prompted by an announcement that South Korean exchange Bithumb will be launching trading in Monero later this month. The price increase coincided with a big jump in Monero’s trading volume. According to data from Coinmarketcap, volumes are highest on the Poloniex exchange, which currently accounts for nearly 50% of total trading for the cryptocurrency.

While the Monero price retreated from its all-time high levels, it remains at around $90, well above the $54 level it occupied before the spike. At current price levels Monero is the eleventh-largest cryptocurrency on the market, just behind of Ethereum Classic (ETC).

Monero had another notable rise in late July, which started just a few days after the voluntary closure of the world’s largest bitcoin mixer, Some industry observers speculated at the time that the move by Bitmixer might have encouraged more people seeking privacy for their transactions to explore other options such as Monero.

In today’s trading, the Monero price stood at $87.22, as of 14:10 BST. The cryptocurrency has risen 4.7% according to data from Coinmarketcap. It’s market capitalisation currently stands at $1.3 billion.