Monero (XMR) climbed back above $500 for the first time since May 2021 and pushed into fresh territory, trading as high as $596.87 in intraday action, according to market reports. The move capped a rapid leg of the rally that included more than a 20% gain in a single 24‑hour window.
XMR’s advance erased the long-standing May 2021 peak of $517 and printed multiple intraday highs, with some outlets reporting $554 and others noting the $596.87 print on january. The acceleration was concentrated: one 24‑hour period delivered north of 20% gains, which amplified flows into higher‑beta privacy tokens.
That rotation left rival Zcash (ZEC) lagging in relative terms. ZEC showed heightened volatility and technical strain, with commentary describing “collapsed sentiment” and a “30% breakdown setup,” according to a market write‑up cited by Yahoo Finance. At the same time, other privacy‑adjacent tokens posted more modest gains, suggesting the sector’s rally was uneven rather than uniform.
Market participants linked Monero’s outperformance to a mix of fresh liquidity, on‑chain activity and narrative momentum around privacy. Improved order book depth on some venues and a visible rotation from large holders were noted as amplifiers of price moves..
Risks, Monero context and what to watch next
While XMR’s surge marked a notable repricing of privacy assets, the move carried familiar market risks: outsized intraday volatility, liquidity bifurcation between venues and regulatory scrutiny around anonymity features. The sector’s short history of sharp rotations means gains can reverse quickly if flows dry up or if headline risk increases.
A short, attributed observation summarized the mood on Zcash: “collapsed sentiment” and a “30% breakdown setup,” according to data underscoring that relative weakness can coexist with headline gains in the same thematic group.
Investors are now turning their attention to announced protocol upgrades and first‑quarter on‑chain metrics, which will help determine whether recent momentum is durable or simply a liquidity‑driven rotation. Those developments will be the practical test for market participants deciding whether to increase exposure, hedge, or reduce positions ahead of potential regulatory or technical events.
