The Monero price (XMR/USD) has enjoyed some strong trading, rising more than 5% over the past 24 hours.
The privacy-focused coin made most of its gains on Monday, as its price rose more than 10% during the day. The digital currency ended the session at $135.56, up from its opening level of $120.11.
Monero saw further gains in today’s early trading, with its price rising to as high as $139.70, which was its highest level since July 29. The cryptocurrency then retreated to lower levels, before making another unsuccessful attempt at breaking through the $140 barrier. In more recent trading, the coin has pulled back to levels around its Monday close.
The Monero price rally was likely driven by a recent report forecasting that the coin could have strong potential upside in the long term, because of its strong position among privacy-focused crypto protocols. According to the report, which was compiled by Satin Group analyst Sherwin Dowlat and published by Bloomberg, the “privacy sector” has the largest upside in the entire crypto currency space.
“Privacy networks do lack liquidity when compared to more commonly used Currencies, but they excel in and push the extremes of each use case within Currency networks,” the report says, noting that the largest drivers of adoptions within privacy networks would likely be illegal activities.
“Looking into the space, we believe the use cases that target the largest end – markets will primarily use XMR (~60%) and ZEC (~20%),” the report forecasts.
In today’s trading, the Monero price stood at $135.51, as of 16:24 BST. The digital coin has gained 5.9% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market cap currently stands at $2.2 billion.
For further information on how to buy and trade Monero, see our comprehensive Monero guide.