🌎 Monero Surges 9% Amid Strong Cuprate Node Performance

Monero (XMR) Surges Over 9% on Strong Performance of Rust-Based Cuprate Node

Monero (XMR) experienced a significant price surge of over 9% on February 6, driven by the impressive performance of its Rust-based Cuprate node. The privacy-focused coin reached an intraday high of $238.55, extending its gains to 24% since the beginning of the year. As a result, XMR’s market capitalization surpassed $4.4 billion, briefly making it the 28th largest crypto asset.

What Triggered the XMR Rally?

The project’s confirmation of Cuprate’s strong performance, which completed a fast sync in 4 hours and a full verification sync in 20 hours, sparked the price surge. This is a significant improvement compared to the default Monero node software, monerod, which takes days to fully verify the blockchain. Faster syncing makes it easier for more users to run full nodes, enhancing Monero’s decentralization and overall network security.

Real-World Adoption and Community Sentiment

A hotel in Georgia recently announced that it has begun accepting XMR for payments, adding real-world utility to the token. This development appears to have sparked fresh interest among investors in the crypto asset. Additionally, the weighted social sentiment has flipped to positive, indicating that the majority of the community expects a potential rise in XMR’s price in the short term.

Derivative Traders Show Increased Interest

According to recent data, open interest in the XMR futures market rose by 15.37% over the past 24 hours, reaching $20.98 million. This suggests that more traders are positioning for a potential upside.

XMR Technical Analysis

On the 4-hour XMR/USDT price chart, the altcoin’s price stood above the 50-day and 200-day exponential moving average, indicating a bullish market dominance. The MACD and Price oscillator lines also rose upwards, confirming the strength of the bullish trend.

Here are some key takeaways from the technical analysis:

The Relative Strength index has been moving up over the past 72 hours, indicating more room for growth.
Traders withdrew $8.4 million worth of XMR from centralized exchanges, according to recent data.
If the current demand sustains, XMR could continue its rally to retest the $241.59 reached earlier this month.