Monero Reaches 3-Month High After 8% Spike, BTC Remains At $42K

Monero reaches 3-month high after an 8% spike and BTC remains stuck at $42K as we can see more today in our latest monero news.

Bitcoin and the rest of the altcoins marked some minor gains on the day after yesterday’s bloodbath and XMR surged the most. After falling to its level of $42,000, BTC maintained the level after a still trading day. The altcoins are untypically calm today and Monero reaches a 3-month high making it among the few exceptions on the market. It’s safe to say that the main crypto has seen better days as it tried to jump above the $47,000 but it failed on both occasions as the bears returned to the scene and pushed the coin south.

BTC initially dropped to $45,000 before another crash took it down to $43,000 and after bouncing off and adding a grand, BTC started crashing again and fell to a 17-day low of over $42,000. since then, the crypto regained some traction and hit $43,000 hours ago and has failed to breach which line yet and stands a few hundred dollars owers. The market cap remains above the coveted $800 billion level and the altcoins all suffered just as bad but most calmed down with some minor gains. ETH Dropped by $300 in days to $3200 but remained above the line after a smaller increase.

Binance Coin, Terra, Cardano, Ripple, and Polkadot are also in the green with Doge and SHIB jumping by more than 3% in one day to $0.15 and $0.000025 respectively. Cardano and Near are the only two bigger cap altcoins with some minor declines. Monero stole the show from the mid-cap altcoins with an 8% increase and XMR jumped to a higher price level since January at $240. the crypto market cap is down by $200 billion in less than a week and it is still below the $2 trillion level.

The privacy-focused crypto Monero rallied by 9.5% in the past week compared to the rest of the market crashed by 8% in the same timeframe. The XMR/USD pair even broke the strong multi-month resistance trendline and hit an upside. The XMR price was down by 0.87% from the two-month high of $245 established one day before but the cryptocurrency still outperformed the rivals including BTC and ETH on a weekly timeframe. The speculations about users using Monero to avoid sanctions could have boosted the appeal among the investors but the American research group Brookings warned that Monero could also be used as a part of a sanction-evasion scheme