Monero's XMR token has made a strong comeback, reversing its February decline with a significant price increase and a technical formation known as the Golden Cross, signaling potential long-term bullish momentum.
Monero's XMR Token Reverses February's Decline with Golden Cross
Over the past four weeks, XMR has gained 35%, outperforming many of the top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
The price increase comes after a crackdown on botnet mining in many European countries and one of the leading miners, 2Miners, halting its operations.
Earlier this year, XMR fell sharply, dropping over 35% to $90 in early February. This decline followed Binance's decision to delist the token, citing that it did not meet the exchange's standards.
But XMR has since recouped those losses, briefly surpassing $180 last week, the highest price since Jan. 23, and last traded around $170 on Kraken, according to TradingView.
The recent rise in XMR's price can be partially attributed to the crackdown on botnet mining.
Botnet mining, a malicious practice in which cybercriminals use compromised computer networks to mine cryptocurrency, has long favored XMR for its robust privacy features that make it difficult for law enforcement to track illicitly obtained funds.
In addition, the decision by 2Miners, a leading Monero mining pool, to stop mining XMR also likely contributed to the price increase.
2Miners announced on June 10 that it was delisting XMR; This may have reduced the supply and increased the demand for the token.
*This is not investment advice.