Monero (XMR) crossed $598 on Jan. 12 to reach a new all-time high, pushing its market capitalization above $10 billion for the first time as veteran trader Peter Brandt compared the privacy coin's price behavior to silver's historic breakout pattern.
What Happened; XMR Hits Record
Price data shows XMR had gained more than 30% since the previous Saturday. Trading volume climbed above $300 million, the highest level in the past month.
The rally pushed XMR past its previous cycle high of $515, with the token trading above $585 and market capitalization exceeding $10.7 billion.
"Price continues to trend aggressively higher, breaking through previous resistance levels with strong momentum and minimal pullback." analyst 0xMarioNawfal said.
Brandt examined XMR on the monthly chart alongside silver on the quarterly chart, noting that both showed two major peaks that formed long-term resistance trendlines. Silver eventually broke above its trendline and produced what traders call a "god candle." Brandt did not provide a specific price target but the comparison suggests XMR could follow a similar path.
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Why It Matters; Privacy Demand Rises
XMR dominance has climbed to its highest level since 2023, measuring the token's share of total crypto market capitalization.
When price reaches an all-time high while dominance remains relatively low, analysts view it as a signal that capital could rotate from other altcoins into XMR.
Geopolitical tensions may add another factor.
Tether recently froze more than $182 million in USDT across five Tron wallets linked to illicit finance.
A report from TRM Labs stated that Tron-based USDT had been used in funding flows tied to Iran's Islamic Revolutionary Guard Corps, with more than $1 billion moving through companies registered in the United Kingdom.
When stablecoins can be tracked and frozen, capital tends to seek alternatives, and Monero's privacy features position it as a potential beneficiary.
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