XMR (Monero) increased by 9.51% in the last 24 hours

Gate News Bot Message, January 19th, according to CoinMarketCap data, as of press time, XMR (Monero) is trading at $614.94, up 9.51% in the past 24 hours, with a high of $798.91 and a low of $555.12. The current market capitalization is approximately $11.344 billion, an increase of $985 million compared to yesterday.

Monero is a privacy-focused, decentralized cryptocurrency dedicated to protecting users’ financial privacy and security. Users can access XMR through multiple wallet platforms, supporting mining or purchasing via exchanges. Monero can be used for private transactions of goods, services, and other currencies, with extremely low fees, and has been accepted by numerous merchants. The project is driven by a decentralized community of hundreds of volunteers worldwide. The Monero Research Laboratory (MRL) gathers cryptography researchers globally to continuously promote innovation and development of the project.

Important recent news about XMR:

1️⃣ Liquidity improvement in derivatives market drives bullish positioning
After the launch of Hyperliquid perpetual contract XMR/USDC, market participation significantly increased. Whale-level traders depositing large amounts of USDC and opening leveraged long positions on the platform reflect institutional confidence in Monero’s future prospects. Meanwhile, the total open interest in XMR contracts across the network remains high, and the improved liquidity in derivatives markets further boosts market engagement. However, it is also noteworthy that some traders have been increasing short positions recently, with significant unrealized gains, indicating growing market divergence and potential for increased price volatility.

2️⃣ Overall warming of the privacy coin sector and capital rotation effects
The privacy coin sector has shown strong performance over the past seven days, with XMR continuing to lead the gains among privacy coins. After the departure of the Zcash core development team caused a dip in that coin, funds did not exit the privacy sector but instead concentrated into Monero, helping XMR regain its position as the most valuable privacy cryptocurrency. Other privacy coins like DASH also experienced a surge in a single week, indicating a renewed awareness of privacy protection needs driving reallocation of funds across the sector. As the most mature privacy mechanism with the most robust governance structure, XMR has received prioritized capital inflows.

3️⃣ Unusual large fund flows and market sentiment divergence
Recent large-scale scams have resulted in over $282 million worth of crypto assets being stolen, with stolen LTC and BTC exchanged for Monero across multiple exchanges, causing XMR price fluctuations. While this incident highlights the demand for privacy coin exchanges from a negative perspective, it also indicates market participants’ recognition of Monero as a store of value for privacy. Meanwhile, the liquidation of some high-position longs shows profit-taking pressure and short-squeeze forces in the market, amplifying short-term volatility.

4️⃣ Technical patterns and market structure support
Although XMR has experienced significant price swings recently (reaching a high of $798.91 and dropping to $555.12), it remains within a high-level range, indicating strong buying support. Long-term optimism about privacy needs, along with continuous improvement in derivatives market liquidity, provides structural support for the current price. However, the high volatility environment also necessitates attention to risk release, with the $480–$500 range remaining an important technical support level.

This message does not constitute investment advice; please be aware of market volatility risks when investing.