Monero's Market Cap Flips Litecoin and Toncoin as XMR Enters Top 25 Tokens
Monero's price has more than doubled this year.
Privacy-focused cryptocurrency monero XMR has overtaken litecoin LTC and toncoin TON to rank among the top 25 digital assets by market value.
The so-called flippening is characterized by XMR's market capitalization topping $7.5 billion, racing ahead of TON's $7.48 billion and LTC's $7.35 billion, according to data source Coingecko.
Monero (XMR) is a decentralized, peer-to-peer cryptocurrency with privacy-enhancing technologies to obscure transaction details. That makes traditional financial tracking and intercepting methods largely obsolete, which explains why criminals love cryptocurrency.
Earlier this year, a media outlet linked to the Islamic State (ISIS) Pakistan Province reportedly published a poster calling for contributions of "jihad with wealth" and sought donations in monero.
Still, prices for the controversial coin have risen over 100% to above $400 this year, hitting levels last seen in early 2021, CoinDesk data show. The rally has been supposedly led by optimism about the impending privacy upgrade and rumors of re-listing by major exchanges, including the U.S.-listed Coinbase.
Meanwhile, litecoin (LTC), considered silver to bitcoin's gold, has dropped 6% this year to trade below $100. Toncoin, which is deeply integrated into the social messaging app Telegram's economy, has dropped 25% this year.
