Monero (XMR) Hits a 7-Month Peak: What Happened and What’s Ahead?

Most leading digital assets have posted minor losses over the past 24 hours, while the total capitalization of the crypto market has slightly retreated during the same period.

The popular privacy token Monero (XMR) defied the ongoing conditions, registering a double-digit increase and nearing the prestigious top 10 club. Here’s what fueled the rally.

Leading the Gainers XMR is the best-performing cryptocurrency from the top 100 list today (August 31), with its price briefly surging to almost $530, the highest since January this year.

Currently, it trades at around $525 (per CoinGecko), representing a 43% jump on a monthly scale. The asset’s market cap jumped to nearly $10 billion, overtaking well-known altcoins like Chainlink (LINK) and Cardano (ADA) and making it the 13th-largest cryptocurrency.