Monero has reached a new all-time high price of $598. Its total market value has also surpassed $10 billion for the first time. Many analysts believe this upward move is just beginning.
Trading volume for Monero recently climbed above $300 million. This is the highest level seen in the past month. The price broke through the previous cycle high of $515 with strong momentum. Analysts note that buyers are stepping in on every price dip, showing sustained demand.
Veteran trader Peter Brandt has drawn a comparison between Monero and silver. He looked at their long-term price charts. Both assets showed two major peaks in the past that created a long-term resistance trendline. Silver eventually broke above that trendline and produced a very large monthly price candle, known as a “god candle.”
Brandt suggests Monero could be poised for a similar breakout. While he did not give a specific price target, the comparison implies significant potential upside if Monero breaks its own long-term trendline.
Another metric, called Monero dominance, has risen to its highest level since 2023. This measures Monero’s share of the total cryptocurrency market. The fact that the price is at an all-time high while dominance is still relatively low signals room for further growth. It suggests investment money could rotate from other cryptocurrencies into Monero.
Several factors are driving interest in Monero. There is growing demand for financial privacy as tax enforcement increases globally. Some investor confidence has shifted from other privacy-focused coins. Geopolitical tensions are also playing a role.
Recent reports show that large amounts of cryptocurrency have been frozen or tracked due to links to sanctioned entities. For example, over $182 million in the stablecoin USDT was recently frozen in wallets linked to illicit finance. Iran has reportedly used over $2 billion in crypto to bypass international sanctions.
When mainstream cryptocurrencies and stablecoins can be monitored and blocked, capital seeks more private alternatives. In this environment, Monero’s strong privacy features make it a likely choice for those seeking untraceable transactions. This combination of technical breakout signals and real-world demand creates a bullish case for the cryptocurrency.
