Monero hits record high of $686 after Dubai bans privacy tokens on exchanges
Key receivers
Monero (XMR) has reached an all-time high of over $680, reflecting a sharp increase in interest and investment. Monero's price increase reflects its position as a leading privacy-focused cryptocurrency.
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Monero (XMR), a privacy-focused crypto-asset, hit an all-time high of $686 today, up roughly 14% in the past 24 hours.
The rally pushed XMR's market capitalization past $12 billion, according to CoinMarketCap data.
The increase marks Monero's first major high since its previous cycle high. Trading volumes strengthened alongside price action, surpassing $500 million in 24 hours.
XMR missed its previous high on Monday, then extended its rally after Dubai's financial regulator, the Dubai Financial Services Authority (DFSA), cracked down on privacy-focused tokens at the Dubai International Financial Center (DIFC).
As of January 12, regulated exchanges will no longer be able to handle privacy coin trades, promotions, currencies or derivatives. Residents keep the coins in personal wallets, but organizations are prohibited from using privacy devices such as mixers or tankers.
The rally represents a breakout from the crypto market as demand for privacy sector tokens is growing again. XMR has risen roughly 45% in the past week, outperforming major assets like Bitcoin and Ethereum.
The privacy coin sector has seen a 3.5% jump in market value and 30% in trading volume over the past day.
Dash rose more than 55% and Canton gained 4%. Zcash, which made headlines for its late 2025 rally, rose 1% in 24 hours but posted a weekly loss of 22%.
