The private altcoin Monero (XMR) began to grow steadily last week.
Moreover, this coin is increasing in price against the backdrop of a negative trend that dominates the crypto market.
In the last 24 hours alone, the altcoin has risen in price by 6.5% to $228.32. Last Thursday, January 15, the XMR rate was close to $230.
At the end of December last year, the coin was trading above $250, but then traders began to sell this asset. The ascent resumed already in the middle of this month, it is observed against the backdrop of hype in social networks.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
Analysts at Santiment note that Monero has been trading in a tight range of $200 to $300 over the past few months.
Last spring, the cryptocurrency reached $513, at the same time, its value growth was accompanied by a surge in XRM mentions in social networks.
Now there is a similar activity. That suggests that we are approaching peak values, and soon Monero will enter a correction phase.
Trending: The SEC Has Officially Handed Over Hinman Docs to Ripple
The Monero hashrate has risen to a historic high of 3,503 GigaHash per second (GH/s).
Network activity is also picking up, according to BitinfoCharts data. XRM addresses, on average, carry out more than 27,600 transactions per day, experts say.