Monero seems to be taking full advantage of the current hype surrounding confidential cryptocurrencies, with a rise of over 50% in the last seven days. This has motivated trader Peter Brandt to invest in this “digital cash.”
Peter Brandt promotes Monero (XMR)
Gold is undoubtedly the world’s leading asset, with an estimated value of $32 trillion. In its digital form, this status is held by the undisputed leader in the cryptocurrency sector: the legendary Bitcoin.
While the top spot on the podium is obvious, the second place becomes more debatable, even though, in terms of traditional assets, it currently belongs to silver, with $5.13 trillion since its 90% surge in recent weeks.
This debate has just been joined by renowned trader Peter Brandt on the X network, who announced that he has bought Monero to take advantage of its current upward trend. This strategy is based primarily on certain similarities between the price of XMR and that of silver (as shown in the charts).
I bought some XMR because of this chart. But don’t tell anyone. No one should ever know that I make profits from time to time. The trolls must believe that I am not successful at trading.
Peter Brandt
A “digital silver” riding the hype of confidential cryptocurrencies
Is Peter Brandt promoting Monero for its ability to claim the status of digital silver, or simply to promote his investment in the hope of fueling the current bullish trend even further? The question is worth asking, even as the XMR chart suggests that it is best not to rush into anything.
Indeed, Monero’s rise is fully in line with the hype currently surrounding confidential cryptocurrencies, notably driven by Zcash (ZEC) before this excessive success clearly went to the heads of its developers, to the point of triggering a split within the Electric Coin Company (ECC) teams in charge of its development.
This affair has caused a significant decline in the price of ZEC, down more than 40% from its November peak of $700, which seems to have shifted the attention of investors looking for narratives to exploit to XMR, up nearly 60% since the announcement of the internal war affecting Zcash.
Despite everything, some analysts view the current surge of interest in privacy coins not as a passing fad, but rather as the expression of a logical evolution in the cryptocurrency sector in response to ever-increasing surveillance by global regulatory bodies.
American crypto players are not going to say otherwise, following the exposure of numerous abuses in the crypto legislation currently being drafted in the United States.
