Monero Price Hits All-Time High, Surpasses Zcash in Privacy Coin Market Cap

• Monero (XMR) reached an all-time high of $595.96 on Jan. 12, driven by Zcash's governance crisis, growing demand for privacy solutions, and rising open interest in derivatives according to crypto news.
• The price has surged 59% from its December low and 18% in the past 24 hours, with the total market cap of all privacy coins increasing by 14.7% to over $20 billion.
• Monero has overtaken Zcash as the top privacy coin by market capitalization following a mass departure from the Electric Coin Company, which caused Zcash to fall nearly 20% to a weekend low according to market data.

Monero's price movement has been supported by a 25% increase in open interest for XMR futures in the last 24 hours, reaching $192.83 million. This surge in interest reflects strong demand from derivatives traders and reinforces the bullish trend in the short term.

Technical analysis also supports Monero's upward trajectory. The price has broken out of an ascending parallel channel pattern formed since August last year and remains above the 20-day SMA with the MACD line showing a bullish crossover. Traders are now watching the $470 and $480 levels, which have served as key support points recently.

Monero's long-term fundamentals also suggest continued strength. Protocol upgrades like the Cuprate Rust node and FCMP++ full chain membership proofs are enhancing on-chain privacy and decentralization. These upgrades position Monero as a stable asset in a tightening regulatory environment, particularly in the EU with the DAC8 directive increasing demand for privacy-focused coins.

Why Is Monero Outperforming Other Privacy Coins in 2026?

Monero's consistent transaction volume and user activity provide a steadier foundation compared to other privacy coins like Zcash and Dash, which show more volatile transaction patterns according to market analysis. These factors, combined with strong on-chain privacy features, make Monero a preferred choice for users seeking plausible deniability in transactions.

The recent governance crisis in Zcash further boosted Monero's appeal. Zcash's significant price drop after the Electric Coin Company's mass departure shifted capital and attention to Monero. This shift highlights how governance stability is a crucial factor for privacy coin adoption.

What Do Technical Indicators Suggest for Monero's Price Outlook?

Technical indicators like the MACD and moving averages confirm a strong upward trend in Monero's price. The 25% increase in open interest and the 7.18% gain over the last 24 hours reinforce this bullish trend.

The price has also broken out of a long-term ascending channel, suggesting a potential target of $626 in the near term. This price level is calculated by adding the channel height to the breakout price.

However, traders should remain cautious of historical resistance levels, particularly in the $490–$500 range, which could offer some obstacles to continued upward movement. Despite this, the current trajectory suggests a strong likelihood of a price breakthrough if volume and momentum remain supportive.