The privacy coin Monero (XMR) spends much of its time in the shadows, which is precisely how its community prefers it. To this day, it is hard to breach the digital asset’s anonymity, making it the go-to solution for investors who want to keep their crypto transactions and holdings private. However, the cryptocurrency has just emerged onto more investors’ radars as it surpasses a crucial milestone.
As more cryptocurrency users learn that their transactions are not as private as they believed, they are gravitating toward coins like Monero, which provide the anonymity they need. This has resulted in an increase in the number of users on the blockchain, as well as an increase in total transactions, which has more than doubled in just the first quarter of 2022.
Monero (XMR) has exceeded 20 million transactions
Monero is, without a doubt, the dominant privacy coin in the crypto industry, as seen by its latest milestone. The coin appears to have grown in popularity in just the first two months of 2022, with the number of transactions more than doubling from the previous year. Last year, the total number of transactions reported was 8.65 million. The volume of transactions tells a different story with less than two months into the new year.
The number of Monero transactions has surpassed 20 million, an increase of about 150 percent in just a few months. According to Blockchair data, over the existence of the digital privacy asset, a total of 2,554,175 blocks have been mined, resulting in more than 20,023,000 transactions.
This is significant for a digital asset like Monero, whose main utility is that it is untraceable. It means higher usage from crypto users as they strive to hide their crypto traces. It also signals more coin acceptance, and as the market rises from the ashes of the previous burn, it may mean significant price gain for the digital asset.
Growing in tandem with the market
When the market crashed, the price of Monero (XMR) fell, as it did for the majority of cryptocurrencies. This caused the cryptocurrency to fall from a peak of nearly $525 to a low of $140, where it has been trending for the past week. However, with the recent market bounce over last weekend, Monero has followed suit and is up 16 percent alone in the last 24 hours.
However, this does not indicate that the digital asset is out of the woods. The cryptocurrency’s sentiment continues to skew heavily pessimistic as sell signals continue to dominate the asset. According to Barchat statistics, Monero’s sell signs have taken hold, with 88 percent indicating a sell. The 50-day, 100-day, and 200-day MACD oscillators indicate a sell signal.
In the short term, though, the 20-day moving average has shifted to the buy-side. When combined with rising acceptance and growing volume, this tendency is projected to continue, driving the digital asset price higher in its wake. With a good closing above $180 before the end of the day, the next key support level will be at $200, where bulls will be able to sink their claws firmly into the asset.