Besides Bitcoin, Monero also hit the highest price in 2020. In fact, today the price of XMR is the highest in more than two years, since September 2018.
The all-time high was reached on January 9, 2018 when, during the speculative bubble, it touched $ 542, followed by a sudden drop that already in August of the same year had put it well below $ 100.
After a very brief boom that took it back above $ 137 in early September 2018, it had never risen to this level since.
Rather, in December of the same year, it had even dropped below $ 50, while by mid-March 2020 it had even dropped to $ 32.
Since then, however, it has risen substantially, climbing back to around $ 100 in mid-August, only to rise again from early September and surpass the $ 138 level again today.
Therefore, the current price of XMR is not only the highest of the last two years, but it is at the same level as the short peak in early September 2018.
Monero and its high price on social networks
According Lunar crush, social commitment has increased 92.2% in recent days. Google searches are also on the rise, probably in reaction to the many prospects for increasing money traceability, both by limiting cash usage and, in particular, the buzz that is being generated around central bank digital currencies. (CBDC).
In fact, one of the main characteristics of CBDCs is the total traceability of all transactions, since it will be mandatory to identify yourself in order to use them, and since all transactions will be recorded in a centralized ledger controlled by the central bank itself.
In other words, the CBDCs will not be anonymous at all and will in fact allow full traceability of every transaction. Central banks will be able to easily trace the identity of every sender and every recipient of every transaction.
Regardless, Monero's price growth in recent months appears to be at a higher rate than that of social engagement and Google searches, probably indicating a more financial or speculative interest, than its actual use as a cryptocurrency with a high level of privacy. It is possible that, as is often the case, markets are trying to stay ahead of the times.