September 29, 2023

Monero [XMR] was one of the few crypto-assets to take full advantage of the bullish recovery in July. Seeing its price increase from $118 to $154, July saw the altcoin rise 30%.

According to data from Sentiment, while the rest of the crypto market suffered at the hands of the bears in June, XMR has steadily increased by over 41% since the middle of that month. Additionally, on August 5th, on-chain data revealed that the crypto opened a huge rally in sentiment, the highest it has seen since May 21st.

Now, how else has this privacy-focused cryptocurrency fared over the past month?

Monero moons and more

Posting a 30% gain in July, XMR wasn’t far behind after Bitcoin rallied over 18% while Ethereum surged 54%. Within this period, the price of the cryptocurrency rose to a high of $162 on July 28 before closing the month with an index price of $154.

Within the 31-day period, the alt’s market cap increased from $2.08 billion to $2.85 billion – a 37% increase. Increasing steadily throughout the month, XMR’s trading volume also increased by 115%.

Source: Santiment

So far this month, the price of XMR has seen a small gain of 2%. At press time, the altcoin traded hands at $160.66 – down 1% in the past 24 hours. With $83,801,108 recorded as the alt’s trading volume over the same period, it was down 24%.

On the daily chart, XMR has been consolidating in a tight range for the past few days. At press time, higher buying pressure was seen. Additionally, the Relative Strength Index was placed at 62.20 with an upward trend while its Cash Flow Index read 64.19.

Source: Trading Activity

Performance in the chain

According to Santiment data, whales started taking profits in July as the price of XMR rose. Within the 31-day period, the supply of XMR tokens held by the whales decreased by 3%. This has further declined by 0.11% since the beginning of this month.

Interestingly, despite the impressive price increase in July, XMR failed to register any significant traction on the social front. In the past month, her social dominance has dropped by 53%. His social volume also decreased by 30%.

Source: Santiment

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