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Meanwhile, Monero confirmed that it is collaborating with Cake Wallet, adding that the integration of Monero into Keystone Hardware Wallet has commenced.
Prominent privacy token Monero (XMR) skyrocketed more than 4% in the past 24 hours amid a bearish crypto market. Leading digital currencies Bitcoin (BTC) and Ether (ETH) showed sluggish performances, with BTC being stuck at $64,000 while ETH was stuck at $3,150. XMR was one of the few altcoins to have printed gains.
Some of the other leading privacy tokens, including ZCash (ZEC) and Internet Computer (ICP), have surged by 3.84% and 1.82%, respectively. The total market capitalization of privacy coins stands at $11.11 billion and is up by almost 2% in the past 24 hours. The total volume traded in privacy tokens also rose by 17% and stands at $530 million.
It is important to note that Monero (XMR), one of the most popular privacy tokens, is currently trading at $163.85. As per the chart provided by TradingView, in the short term, XMR is facing range-bound trading, i.e. it is stuck between strong support and resistance zones. Further, in order to confirm a rally, the altcoin needs to break above the resistance zone identified between $182.00 and $185.00.
On the other hand, the support levels stand between $150.00 and $155.00. In the past few hours, XMR bounced back from the $153 price level after the buying volume surged, suggesting a strong buyers’ interest in the region. The last time XMR was above $200 was in June 2022, and the altcoin has since then not been able to break the resistance between $182 and $185 price levels.
Photo: TradingView
Potential Factors Affecting the Monero (XMR) Price Action
In a post on social media platform X, Monero confirmed that it is collaborating with Cake Wallet, adding that the integration of Monero into Keystone Hardware Wallet has commenced. As a result of this collaboration, Keystone will utilize Monero’s unique seed phrase and ring signature algorithm to improve privacy and security features. However, it will take 2-3 months before the integration is complete.
Additionally, as compared to Bitcoin, Monero’s transaction fees are significantly lower. According to current data, the Bitcoin transaction fee is $0.2711 while XMR’s fee stands at $0.00498, confirming that the world’s largest crypto network’s fee is 5346.14% higher than the privacy network’s.
To highlight this difference between Bitcoin and Monero, crypto enthusiast Jake Thomas Fischer said in a post on X that Monero is the “superior technology” as compared to Bitcoin, adding that “the same markets that made Bitcoin famous have abandoned Bitcoin, and they’ve abandoned it for Monero”.
“Monero on the other hand is a technological marvel in the way of money fixing not only the flaws of old money but also Bitcoin, it’s just not commonly understood,” Fischer said.
According to Fischer, Monero is what people think Bitcoin is, and as a result, the privacy network’s future is only brighter.
