Monero gains in value amid Bitcoin correction
The private altcoin Monero (XMR) began to grow steadily last week.
Moreover, this coin is increasing in price against the backdrop of a negative trend that dominates the crypto market.
In the last 24 hours alone, the altcoin has risen in price by 6.5% to $228.32. Last Thursday, January 15, the XMR rate was close to $230.
At the end of December last year, the coin was trading above $250, but then traders began to sell this asset. The ascent resumed already in the middle of this month, it is observed against the backdrop of hype in social networks.
Analysts at Santiment note that Monero has been trading in a tight range of $200 to $300 over the past few months.
Last spring, the cryptocurrency reached $513, at the same time, its value growth was accompanied by a surge in XRM mentions in social networks.
Now there is a similar activity. That suggests that we are approaching peak values, and soon Monero will enter a correction phase.
The Monero hashrate has risen to a historic high of 3,503 GigaHash per second (GH/s).
Network activity is also picking up, according to BitinfoCharts data. XRM addresses, on average, carry out more than 27,600 transactions per day, experts say.
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