From Startup Fortune · · 1m
Monero Hits $608 All-Time High as Leveraged Bets Surge
Monero's price soars to $608 amid record leveraged trading activity.
In brief
Monero's price soars to $608 amid record leveraged trading activity. Monero reached a record high of $608 as open interest in derivatives hit $177 million, driven by leveraged bets and privacy coin rotation after Zcash's staff walkout. Originally reported by Startup Fortune.
Monero Price Surges
Monero reached a record high of $608 in January after an eight-day climb that cleared the mid-$500s.
“XMR touched what was then a fresh all-time high near $608 in January, after an eight-day climb that cleared the mid-$500s and kept running”
Record Open Interest
Open interest in Monero derivatives jumped from $116 million to a record $177 million in January.
“Open interest on XMR futures jumped from about $116 million to a record $177 million in a single day in January”
Zcash Staff Walkout
Electric Coin Company staff resigned in a mass walkout after a governance clash with Zcash's nonprofit board.
“Back in January, the entire staff of the Electric Coin Company, the main development outfit behind Zcash, resigned in a mass walkout after a governance clash with the project's nonprofit board.”
Privacy Coin Rotation
Monero gained traction as traders rotated capital from Zcash following its staff walkout and declining confidence.
“Monero, the older and more battle-tested of the two, picked up the flow, climbing back toward its own record highs as traders decided the project without a development team in limbo was the less risky privacy bet.”
Overbought Signals
Monero's relative strength index hit 74, indicating overbought conditions with repeated overheating readings.
“The relative strength index on XMR sat at 74 as the rally peaked, according to crypto.news, firmly in overbought territory.”
Price Correction
Monero dropped 3% after hitting $608 before rebounding to $800 and then falling back to the $400s.
“Monero went on to clear $700 and then $800 in the weeks after. It then gave back most of those gains: the coin has since traded back down into the $400s”
In short
Monero reached a record high of $608 as open interest in derivatives hit $177 million, driven by leveraged bets and privacy coin rotation after Zcash's staff walkout.
