The Monero price (XMR/USD) has recaptured the $70 level thanks to a late Sunday spike and a solid Monday performance.
The privacy-focused digital coin spent the better part of the Sunday session hovering in a tight range above the $67 price level. The situation changed dramatically during the final hours of the session, when the coin suddenly surged past the $70 mark. XMR rose to a four-day high of $74.32, before closing the session at $71.78.
While the pull-back from yesterday’s high was significant, Monero has managed to stabilise and defend its position above the $70 mark. The coin experienced some difficulties during today’s morning trading, with its price falling to as low as $70.05 during that part of the session. However, the coin’s performance has improved in the afternoon, which has allowed XMR to recapture the $71 level. At the time of writing, the Monero price was hovering around the $71.50 mark, according to data from digital currency tracker Coinmarketcap.
Monero took a big hit last week, amid a wider crypto slump that affected most digital currencies, including major coins such as Bitcoin (BTC), Ether (ETH) and Litecoin (LTC). The steep drops seen on Wednesday and Thursday, when Monero fell from about $80 to the low $67 area, dealt another blow for the coin, which had already suffered a sharp pull-back after a failed attempt at breaking above $100 in early August.
In today’s trading, the Monero price stood at $71.72, as of 16:16 BST. The digital currency has gained 6.4% in the past 24 hours, Coinmarketcap data shows. The solid gains, combined with a lacklustre performance of crypto rival Stellar Lumens (XLM), has allowed Monero to return to the crypto top 10. The coin’s total market cap currently stands at $1.23 billion, which makes it the 10th-largest digital currency on the market.
Featured image: LuckyStep /Shutterstock.com