Monero appears to be riding the current wave of hype surrounding privacy-focused cryptocurrencies, with a gain of over 50% over the past 7 days. This has prompted trader Peter Brandt to invest in this “digital silver.”
Peter Brandt promotes Monero (XMR)
Gold is undoubtedly the world’s number one asset, with an estimated valuation of $32 trillion. A status that, in its digital form, belongs to the undisputed leader of the cryptocurrency sector: the indispensable and legendary Bitcoin.
While the top spot is a foregone conclusion, second place becomes much more debatable, even though, among traditional assets, it currently belongs to silver, which is valued at $5.13 trillion following its 90% surge in recent weeks.
A debate in which the famous trader Peter Brandt has just made a notable entrance on the X network, declaring that he bought Monero to take advantage of its current uptrend. A strategy that would essentially rely on certain similarities between the price of XMR and that of silver (charts included).
I bought a little XMR because of this chart. But don’t tell anyone. People must never know that I make profits from time to time. The trolls need to believe that I’m not successful at trading.
Peter Brandt
Comparison of the Monero ($XMR) chart with that of silver
A “digital silver” riding the wave of hype surrounding privacy-focused 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 further fueling the current uptrend? The question is worth asking, even as the XMR chart suggests that one should not rush into anything.
Indeed, Monero’s rise is fully in line with the hype currently sweeping the privacy-focused cryptocurrency sector, driven notably by Zcash (ZEC) before this excess of success apparently went to its developers’ heads, to the point of triggering a split within the teams at the Electric Coin Company (ECC) in charge of its
This situation triggered a significant drop in ZEC’s price—more than 40% from its November peak of $700—which appears to have shifted the attention of investors seeking narratives to capitalize on toward XMR, which has risen by nearly 60% since the announcement of the internal conflict plaguing Zcash.
Despite this, some analysts view the current surge in 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.
U.S. crypto players are certainly not going to argue otherwise, following the exposure of numerous flaws in the crypto legislation currently being drafted in the United States.
