Despite a challenging period last month, Monero (XMR), the leading privacy-centric cryptocurrency, has marked significant recovery and transaction activity. Following its removal from Binance‘s trading platform, Monero witnessed a notable price decline but has since bounced back, surpassing the $150 mark. Furthermore, the digital currency reached a milestone by recording over 100,000 daily transactions, indicating robust network usage.
Surge in Network Activity
Monero’s network attracted significant attention after hitting a new all-time high in daily transactions on March 5. Data from BitInfoCharts shows that the currency’s network handled 96,495 transactions on that day, shattering the previous high of 60,305 transactions set in August 2022. The upward trend continued, with 102,708 confirmed transactions processed on March 6.
Price Trends Post-Delisting
XMR’s price movements have shown resilience in the face of adversity. After Binance’s delisting announcement, XMR’s value tumbled from $165 to $101 on February 6, experiencing a roughly 39% drop. However, it made a swift recovery to $129 the following day. Post delisting on February 20, the coin witnessed a 10% price fluctuation within a day. Since then, XMR has climbed to $153, and at the time of reporting, it trades around $139.58, showcasing a 27% gain since its delisting.
User Insights on Monero’s Performance
Contrasting Bitcoin‘s transaction limitations, Monero has managed to maintain efficient transaction processing despite the high volume of traffic. A user going by the name Untraceable brought attention to Monero’s implementation of dynamic blocks, which occurred for the first time due to the surge in transactions. He pointed out that the average block size increased slightly to accommodate the spike in network activity.
Monero’s ability to withstand market pressure and enhance its transaction capacity without compromising speed or cost has reinforced investor confidence in privacy-focused cryptocurrencies.
