Monero's XMR Token Surpasses $700

Monero (XMR) surged past $700 after setting a new all-time high on Sunday for the first time in eight years as privacy-focused assets gain steam and confidence around ZEC sputters.

What's the scoop?

• Price Milestone: Monero has well surpassed its January 2018 peak of $542, up nearly 60% on the week, according to CoinGecko data.
• Monero (XMR) vs. Zcash (ZEC): XMR requires full privacy by default for all transactions using ring signatures, stealth addresses, and confidential amounts; ZEC allows optional privacy via zk-SNARKs, with choices between shielded (anonymous) or transparent transactions.
• Government Restrictions: This week, Dubai outright banned privacy coins alongside tightening stablecoin regulations, events which only go to bolster the use case and value of privacy tokens like XMR.

Bankless Take:

The Monero versus Zcash camps have been divisive for a long time, with Monero proponents calling XMR the one true privacy coin given that the protocol is fully private rather than optionally private. That debate is resurfacing as Monero reprices in the wake of the ECC’s core team leaving Zcash to build their own wallet, a move that contributed to ZEC’s price dropping last week. The timing is notable: it gives renewed oxygen to the privacy narrative and a reason for capital to rotate into XMR, which has been grinding higher over the past couple of months, albeit while being outshined by Zcash. With this new room to breathe, the question is whether Zcash, now smaller by market cap, can reassert itself in terms of price appreciation, or whether Monero extends and solidifies its lead.