Monero (XMR) reached $598, officially setting a new all-time high. Its market cap also surpassed $10 billion for the first time. Many analysts believe the bullish trend will continue, stating this surge has only just begun.
Veteran trader Peter Brandt added optimism by comparing the XMR price movement to that of silver.
Will Monero become the 'silver' of the cryptocurrency market?
On January 12, according to price data from BeInCrypto, Monero (XMR) rose more than 30% since the previous Saturday, trading above $585 and pushing its market cap past $10.7 billion.
Trading volume has also exceeded 300 million dollars, the highest level in the past month. This movement has pushed XMR above its previous cycle high of 515 dollars. Analysts believe the rally could continue.
"The price is showing extremely strong upward momentum. Previous resistance levels are being broken one after another with strong momentum. The structure remains firmly bullish. Buying pressure enters with every dip, and there are still no clear sell signals." โ Analyst 0xMarioNawfal
Peter Brant compared XMR price movements to historical breakouts in silver. XMR was analyzed on a monthly chart, while silver was analyzed on a quarterly chart.
Both have previously recorded two major peaks, forming a long-term resistance trendline. Subsequently, it broke through this trendline and recorded a strong 'hammer candle'
As always, Brant did not mention a specific target price for XMR. However, this comparison suggests that if XMR breaks through the trendline, a similar hammer candle could form on the monthly chart.
XMR dominance has also risen to its highest level since 2023. This metric indicates the proportion of XMR in the total cryptocurrency market capitalization.
The price has reached an all-time high, but dominance remains relatively low. This combination suggests potential for further upside. It implies that funds could be shifting from other altcoins into XMR.
Monero, interest increases amid geopolitical tensions
There are several reasons why Monero could perform exceptionally well in 2026. A recent BitinCrypto report highlighted three key drivers. Specifically, increased enforcement of tax regulations, rising demand for privacy protection, and a shift in investor sentiment following investor disappointment with the Zcash team.
Geopolitical tensions could also act as additional bullish catalysts.
Tether has frozen over 182 million USDT across five wallets on the Tron network recently. This was confirmed to be linked to illicit funds. TRM Labs reported in a related report that Tron-based USDT has been used in fund flows connected to Iran's Islamic Revolutionary Guard Corps (IRGC). Over one billion dollars in funds were routed through a company registered in the UK.
It has been revealed that Iran has used over 2 billion dollars worth of cryptocurrency to support proxy armed groups and evade sanctions.
When stablecoins and non-anonymous altcoins are traceable and subject to freezing, funds tend to seek safer pathways. In such an environment, Monero is expected to become a preferred choice.