Monero surged to a fresh all-time high on Sunday, climbing above $592 as investors rotated into privacy-focused tokens amid uneven broader market action. Data from CoinGecko shows the move marks the highest level for the coin since a breakout to $542 in January 2018.
The asset rose about 24% on the day and roughly 40% over the week. The rally continued a trend that began late last year when privacy-linked tokens proved relatively resilient.
While Zcash attracted attention in the fourth quarter, market participants said flows had already shifted back into the privacy segment. Supporters point to potential long-term demand as governments tighten cash use and increase oversight of payments outside traditional banking.
Ryan McMillin, chief investment officer at Merkle Tree Capital, said the move fits the recent behavior of the privacy group. “Monero’s move to a new high fits with what we’ve been seeing in the privacy segment for a while,” he said.
McMillin cautioned that liquidity and venue concentration can distort prices for assets absent from many regulated, onshore exchanges. “When liquidity is concentrated on exchanges that can list these assets, price discovery can be more fragmented,” he added, noting this raises the scope for sharper swings and possible manipulation.
Observers also quoted him saying the privacy theme persists despite regulatory debate, noting “That doesn’t make the regulatory debate go away, but it helps explain why the privacy theme keeps resurfacing.”
