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Monero price (XMR/USD) surges to 8-day high as transaction fees drop

The Monero price (XMR/USD) has been the best performing major digital coin over the past 24 hours, bucking a downtrend affecting the broader cryptocurrency market.

After a relatively quiet Monday morning session, the privacy-focused digital currency experienced a slight uptick in the afternoon, which helped it reached an intraday high of $106.05. The coin eventually finished the session at $105.46, slightly above its opening level of $105.00.

The digital coin continued its advance in today’s trading, with its price spiking to an intraday high of $109.75. This was also Monero’s highest price level since October 15, according to data from digital currency tracker Coinmarketcap. The Monero price has since retreated to slightly lower levels and is currently hovering around $108.

In other positive news for Monero, industry website Coindesk yesterday reported that transaction fees on the Monero network have dropped sharply after a system-wide software update was rolled out last Thursday.

The update introduced a new form of cryptography dubbed ‘bulletproofs’, aimed at making the Monero network more scalable by restructuring how its confidential transactions are verified. Citing data from BitInfoCharts, Coindesk informed yesterday that average Monero transaction fees had fallen from about $0.54 on Thursday to roughly $0.021 as of Saturday, marking a 96% decline.

Interestingly, the drop was accurately predicted by Monero developers who spoke to Coindesk prior to the update. “I think you can safely say a typical [transaction] fee goes down by more than 95 percent," Monero core developer "moneromooo" told the online publication last week.

In today’s trading, the Monero price stood at $107.48, as of 15:38 BST. The digital currency has gained $2.3% in the past 24 hours, Coinmarketcap data shows. The coin’s market capitalisation currently stands at $1.77 billion.

For further information on how to buy and trade Monero, see our comprehensive Monero guide.

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