Monero (XMR) leads an altcoins resurgence on Monday as the anonymity-focused asset explodes 37 percent in hours.
Data from cross-exchange monitoring resource Coinmarketcap shows that XMR, which had traded around $ 52 over the weekend, suddenly hit $ 71 today.
The uptrend appears to be due to rumors that South Korean exchange Bithumb will add the coin to its books.
Bithumb remains the largest volume exchange in the world despite a recent hack, with South Korean appetite for trading having taken center stage in recent months.
It looks like #Monero $ XMR will be added to the Korean exchange Bithumb, the exchange with the highest volume right now. pic.twitter.com/FFXrN6GlzL
– WhalePanda (@WhalePanda) August 21, 2017
The price spike doesn’t seem to be over for a long time as prices on the major Bittrex exchange encounter volatility and trades hit more than $ 80 per token.
There is currently little that can be confirmed about the developments and the future of Monero on Bithumb, although the main developer Riccardo Spagni has yet to comment.
Spagni is known for his enthusiastic Twitter activity, having previously defended Monero and his development decisions in his classic dry style after prices peaked and suddenly fell this year.
Altcoin prices have traditionally increased following announcements of barter deals. Most recently, Civic’s CVC token debuted on China’s BTER exchange, causing prices per coin to jump from $ 0.22 to $ 0.68 in 48 hours.