Privacy-focused cryptocurrency Monero hit a new all-time high above $687, up 14% in 24 hours and 45% in a week, becoming the 12th largest crypto by market cap. Privacy coins surged 3.5% in market cap and 32% in trading volume after the $19 billion market crash in October. Tightening regulations on Know Your Customer (KYC) and Anti-Money Laundering (AML) rules are driving investor demand for privacy coins. The European Union plans to ban privacy coins and anonymous crypto accounts from 2027. Monero’s competitor, Zcash, saw a 12-fold increase in price from $48 to $744 but fell 21% in the past week due to slowing developer activity and a governance dispute. Investors are warned of high social media hype around Monero, suggesting waiting for the hype to die down before entering the market.

Read more at Cointelegraph: Monero Surges to Record as Privacy Coins Outperform