Privacy coin Monero (XMR) over the last month has exhibited bullish momentum, generating nearly a 20% gain even as other altcoins were struggling. For instance, the bitcoin price has advanced fractionally over the past four-week period, while No. 2 cryptocurrency Ethereum has slumped 26%, though the latter is currently holding above $215.
In mid-August, XMR was trading near $80 with a market capitalization of approximately $1.3 billion. Since then, it rose sharply, reaching $140 in early September. Currently, XMR is trading at $117, boasting a market cap of $1.92 billion.
More than one-quarter of XMR’s trading volume or 26% is unfolding on Bithumb exchange, while HitBTC represents 20%. Total XMR trading volume over the last 24-hours is $32.4 million. Investors want to know what’s fueling the gains in the Monero price.
Monero Price Catalysts
The bullish trend in the privacy coin’s price could be in response to a new XMR wallet. XMRWallet.com, which is an open-source wallet company, unveiled a web-based wallet for the Tor web browser. The announcement, which was made via a Reddit post, revealed that the new wallet was in response to high demand within the Monero community. With the new wallet, XMR users can send and receive the privacy coin through the maiden Monero web wallet on Tor.
Satis Group Pop
Another driver of the Monero price has been a recent report by Satis Group, which is an ICO consulting firm. The report focused on the crypto market over the next decade, predicting that Monero could see investor demand surge and the XMR price rise to at least $18,000 over the next five years.
Satis explained that the anonymity feature makes XMR the preferred coin for crime and other nefarious activity, such as tax avoidance. The report stated:
“[Privacy coins] present a much deeper value proposition within those markets. Recently, we have already seen early signs of adoption by some of these crypto assets; ransoms being posted to large corporations where even BTC could be tracked and was not the preferred method, money laundering, and asset shielding.”
According to Satis Group, Monero could account for about 60% of the privacy coin market, with rival Zcash (ZEC) accounting for 30%.
The Facebook/Cambridge Analytica data scandal has shown that internet anonymity is extremely important, not only for privacy reasons but also to protect confidential information. The amount of data large corporations like Facebook and Google store from their users is enormous. Therefore, Monero can also be a practical use case in legal payments.
Meanwhile, Monero announced last month that holders can use the Ledger Nano S cryptocurrency wallet with the latest version of Monerujo – version 1.6.3. Lastly, the Monero network’s hashrate has risen sharply in the past three weeks, according to BitInfoCharts.