Monero Price Up 9%, Outperforming Top Twenty Crypto-Coins

XMR coins dipped to a price of $127.98 at around midnight (UTC) last night, before starting an upwards climb that saw Monero jump 9.4% overnight, en route to a price of $140.03.

That’s still some way off XMR’s weekly high of $148.82, but it’s 8.9% more than the starting price of $128.53 just seven days ago. Monero has been losing blood for most of the week, but the last 15 hours or so have seen a drastic turnaround. The current daily volume of $58 million is more than double the $23 million volume recorded at this time yesterday.

XMR Receives Abra Spotlight

Monero was the subject of an Abra blog-post last week which shone the spotlight on the platform’s recently listed privacy coin. Abra is a wallet-exchange hybrid which went through something of a relaunch earlier in the year, and now supports 25 currencies, including the recently listed Monero.

The Abra post emphasized Monero’s privacy functions, saying:

“Against the backdrop of the almost daily news and headlines about massive hacks and data breaches that expose personal information, the idea of building privacy controls into the foundational levels of new cryptocurrencies — like Monero does — is attractive to many users.”

Abra’s daily volumes are not picked up by statistic aggregators like CoinMarketCap, so it’s difficult to say just how much of an effect the Abra platform has had on Monero’s fortunes. Monero still suffers from a somewhat tainted reputation, and Abra hint at possibly helping to open up XMR to the broader public:
“Abra’s user-friendly interface will offer incredible exposure to Monero to help bring the privacy-conscious coin to the general public. Like the Monero community, we believe that privacy isn’t just a useful feature, it’s critical to enabling the creation of new, decentralized financial systems.”

On the Exchanges

A significant portion of XMR’s trades have come directly against the dollar in the last 24 hours, with just under $12 million of the $58 million daily volume coming from XMR/USD. The highest concentration of USD trades came from the Polish exchange, Coinroom, amounting to around 10% of the daily total. Following closely on Coinroom is the XMR/EUR trade which makes up around 9% of the total.

Despite the huge flurry of activity at the Polish gateway to Eastern Europe, Monero actually has a reputation as the favoured privacy of English-speaking crypto users, as opposed to their Eastern European counterparts who prefer Dash instead.

As covered by Hacked here in June, Dash and Monero are the favoured coins of dark web users, according to a poll conducted on a popular dark web hacking forum. Litecoin was actually the most used currency on the darkweb (besides the eternal Bitcoin), by some margin, but the poll showed a stark geographical split between the Monero ‘Westerners’ and the Dash ‘Easterners’.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.