Monero just $1 billion shy of overtaking Stellar’s market cap

Privacy-focused cryptocurrency Monero ( XMR ) is narrowing the market cap gap with Stellar ( XLM ) amid a strong bullish run. Monero’s market cap currently stands at $7.60 billion, while Stellar’s is at $8.77 billion, a difference of just $1.17 billion, according to data retrieved by Finbold from CoinMarketCap. Cryptocurrency market cap. Source: CoinMarketCap Currently, XMR ranks 20th by market capitalization, while XLM holds 15th. This shift comes amid a sustained rally for Monero, which has surged for seven consecutive weeks to reach $412 at the time of writing. XMR is up nearly 300% yearly from its lowest point in 2024. Monero’s ascent is remarkable given the hurdles it has faced, including delistings from major cryptocurrency exchanges such as Coinbase and Binance . Drivers of XMR rally Despite these setbacks, the cryptocurrency’s performance has been driven by growing interest in privacy-centric digital assets, particularly as other privacy protocols face increasing legal scrutiny. For instance, Tornado Cash, an Ethereum-based privacy tool, continues to struggle with regulatory crackdowns and litigation. This has driven many users toward Monero , which is valued for its reliability and resistance to censorship. Indeed, privacy is becoming a central theme in the crypto landscape, especially in light of rising cyber threats and high-profile hacks. At some point, as reported by Finbold, XMR gained $2 billion in market value in a single day following reports of users losing their crypto holdings to security breaches. Against this backdrop, Monero remains the go-to cryptocurrency for those seeking untraceable transactions, thanks to its advanced cryptographic technologies. Its ring signature mechanism blends a user’s transaction with others to obscure the sender, making it significantly more private than transparent coins like USDT or USDC. Meanwhile, technical indicators suggest strong bullish momentum since XMR’s 50-day simple moving average ( SMA ) is $272.42, and the 200-day SMA is $212.84, well below the current price. However, the 14-day Relative Strength Index ( RSI ) of 84.19 indicates overbought conditions, signaling a potential short-term correction. Featured image via Shutterstock The post Monero just $1 billion shy of overtaking Stellar’s market cap appeared first on Finbold .

Source: Finbold