Monero hits 8-year high, surpassing $650 amid privacy coin rally

The privacy-focused cryptocurrency Monero (XMR) has surpassed $650, reaching an all-time high for the first time in eight years after surging more than 40% over the past week. Crypto media outlet BeInCrypto explained that Monero, operated by a decentralized community (DAO), lacks the regular selling pressure from token unlocks. The outlet added that demand for privacy has surged following the implementation of the European Union's crypto tax transparency directive, DAC8, this year. Ryan McMillin, CIO of Merkle Tree Capital, noted that rotational funds have flowed into the privacy sector amid broader market uncertainty. However, he cautioned that Monero and many other privacy coins are not listed on regulated centralized exchanges, leaving them vulnerable to price manipulation. Veteran trader Peter Brandt commented that Monero's current technical movement is very similar to silver's past breakout pattern, suggesting it may have entered a price discovery phase. According to CoinMarketCap, XMR is trading at $656.91, up 15.95% over the last 24 hours.