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Privacy-Focused Crypto Defies Market Weakness With 3% Spike, Outperforming Bitcoin, Ethereum

Benzinga · 01/05/2023 22:06

Monero (CRYPTO: XMR) is up 3% in the last 24 hours, outperforming apex crypto Bitcoin (CRYPTO: BTC) and the second largest cryptocurrency Ethereum (CRYPTO: ETH).

What Happened: The rise can be attributed to BitMart listing Monero on its platform on Dec. 30, 2022. 

Monero offers peer-to-peer currency transactions that are secret, anonymous and untraceable. 

See More: Best Crypto Day Trading Strategies

Data from LunarCrush shows that social engagements on Monero have increased over 128% in the past 24 hours, indicating bullish sentiment.

Monero is trading above resistance at $152.24, according to Investors Observer. With key support at $148.09, Monero is in a potentially volatile position if the rally slows or stalls. 

According to Coinmarketcap, Monero’s total market volume is up 13.16% at $236 million, since Thursday.

Price Action: At the time of writing, ETH was trading at $1,253, down 0.11%. BTC at $16,836 down 0.08% in the last 24 hours.

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