Monero (XMR) has recorded a 15% spike in its weekly price, which has also translated to a 24-hour growth surge. Monero also registered a matching 15% uptick in trading volume to $169.01 million within this period to outperform leading cryptocurrencies like Bitcoin and Ethereum in the top 20 list of assets.
Monero's price strength defies broader market weakness
As per CoinMarketCap data, Monero has also climbed in price outlook within the same time frame. The asset rose from $400.66 to an intraday high of $418.52. As of press time, Monero is changing hands at $416.55, up 1.14%.
Moneros performance outshines the general bearish crypto market within this period. Analysis shows that the key drivers of the bullish performance include increased demand for privacy amid security concerns.
As experts believe, if there is no regulatory scrutiny of Monero, the coin could continue on this bullish trajectory as adoption soars.
Meanwhile, technical indicators suggest that traders are defending the $409 price level, which shifted from key resistance to support. The target is to push the price to $420, as that could trigger an upsurge to $438, particularly if Bitcoin stabilizes above $85,000.
Figures show that Monero had gained more than 1.4% gain in price, while the total crypto market dipped by 3.1% was a result of capital rotation into privacy assets. The asset had, in October, registered a 9% jump to overtake dog-themed meme coin Shiba Inu.
Monero has been showing relative strength despite years of regulatory pressure on the asset.
Additionally, XMR has not enjoyed much support from crypto exchanges, but these limitations have not prevented its growth into the top 20 elite list in terms of market capitalization.
Monero reclaims lead over Zcash despite skepticism
In the privacy coin space, Monero and Zcash (ZEC) were in a tight race as ZEC overtook XMR due to a resurgence in demand recently.
Currently, Monero has regained the lead over Zcash, with a market cap of $7.75 billion as against Zcashs $6.5 billion.
Interestingly, despite the bullish performance of Monero, legendary trader Peter Brandt thinks the asset is underperforming.
According to Brandt, when benchmarked against gold, Monero‘s value drops significantly. He maintains that gold remains the true measure of an asset’s value, not the U.S. dollar, which loses value over time.