Two-Week Rally Pushes Monero to New Record High

Following a two-month period in the doldrums, the price of the privacy-focused cryptocurrency monero has climbed to a new all-time high of over $155.

Having sat in the $80-$100 range since Sep. 18, monero first significantly broke above the $100 mark on Nov. 8 and has since continued to rally. Finally, at around 11:30 UTC today, monero peaked at a new record high of $156.09 – just topping the previous high of $154.58 set on Aug. 28.

At press time, prices were still climbing. The gains for the eighth largest cryptocurrency by total value mark a 14.59 percent rise over the last 24 hours, and on a weekly basis, monero is up 27.07 percent, as per CoinMarketCap.

As is becoming a common theme in price updates across various cryptocurrencies, South Korean trading seems to be playing a part in the buoyant monero market.

Again going by CoinMarketCap data, Korean exchange Bithumb is responsible for 31.64 percent of the trading volume. However, European exchange BitBTC and U.S.-based Poloniex are posting significant volumes at 15.07 and 14.30 percent, respectively.

Monero’s market capitalization is around $2.4 billion at press time.

Mountaineer image via Shutterstock

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Source: http://coindesk.com

CoinDesk is a news site specializing in bitcoin and digital currencies. Owned by Digital Currency Group.

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