Monero (XMR), the privacy-focused cryptocurrency, has more than doubled in price this year, propelling it past Litecoin (LTC) and Toncoin (TON) to claim a spot among the top 25 digital assets by market capitalization.
XMR’s market cap recently surpassed $7.5 billion, overtaking Toncoin’s $7.48 billion and Litecoin’s $7.35 billion, according to data from CoinGecko. This milestone, often referred to as a “flippening,” highlights Monero’s growing prominence in the crypto market.
Monero is a decentralized, peer-to-peer cryptocurrency known for its strong privacy features, which obscure transaction details to prevent tracking and interception. While these features enhance user privacy, they have also made Monero popular among illicit actors.
Earlier this year, reports emerged linking a media outlet affiliated with the Islamic State (ISIS) Pakistan Province to calls for donations in Monero, highlighting concerns over its use in criminal activity.
Despite the controversy, Monero’s price has surged over 100% this year, climbing above $400—a level not seen since early 2021, according to CoinDesk data. Market optimism has been fueled by anticipation of an upcoming privacy upgrade and rumors of Monero’s potential relisting on major exchanges, including Coinbase.
In contrast, Litecoin, often considered the “silver” to Bitcoin’s “gold,” has declined by 6% year-to-date, trading below $100. Toncoin, which powers the economy of the social messaging platform Telegram, has fallen 25% this year.
