Monero Breaks $500 as Zcash Turmoil and Privacy Narrative Fuel Rally
- Monero surpassed US$500 for the first time since 2021, marking a 20% weekly increase and nearing its previous all-time high of US$517.50.
- Investor interest is fueled by increased regulatory scrutiny and positive outlooks from firms like Grayscale and Coinbase, who view privacy coins as a major emerging market theme.
- Capital is shifting from Zcash to Monero because of leadership resignations and internal drama at the Electric Coin Company, making XMR the preferred choice for privacy-sector exposure.
Monero (XMR) has surged past US$500 (AU$746) for the first time since 2021, rising over 20% in a week. The privacy coin rose more than 6% on Sunday and about 20% over the past week, putting it within range of its April 2021 peak near US$517.50 (AU$792).
The trigger is that investors are switching to XMR assets amid growing regulatory scrutiny, and by bullish commentary from firms like Grayscale and Coinbase highlighting privacy coins as a key emerging theme.
XMR/USD. Source: CoinMarketCap.
But again, Zcash’s meltdown is probably the biggest (and most obvious) reason as to why XMR is pumping.
Related: Wyoming Makes History with $FRNT: America’s First State-Issued Stable Token Goes Live
Monero Benefits From Zcash Dev Drama
As reported, Zcash (ZEC) saw a mass leadership resignation that sent prices plunging over 20% in a week. It happened after the team at Electric Coin Company, the organisation in charge of the Zcash protocol as a whole, resigned last Wednesday, citing working conditions and board disputes over project assets and direction.
The conflict also exposed fights over funding allocations tied to the Bootstrap Project. Zcash’s token (ZEC) dropped more than 20% in the days that followed, sliding to around US$360 (AU$551) over the weekend.
ZEC/USD. Source: CoinMarketCap.
So, with Zcash tied up in governance and funding drama, Monero has been the simpler, cleaner privacy trade for investors looking for exposure to the sector.
Monero’s price has been on an uptrend since last September last year, shortly after suffering a block reorganisation by Qubic, as Crypto News Australia reported.
Read more: Ripple Stays Private as XRP Expands Onchain, With First Spot Market Launching on Hyperliquid
The post Monero Breaks $500 as Zcash Turmoil and Privacy Narrative Fuel Rally appeared first on Crypto News Australia.
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