Monero (XMR) is leading an altcoin resurgence Monday as the anonymity-focused asset explodes 37 percent in hours.
Data from cross-exchange monitoring resource Coinmarketcap shows XMR, which had traded around $52 over the weekend, suddenly hit $71 today.
The uptick appears to be a result of rumors that the South Korean exchange Bithumb will add the coin to its books.
Bithumb remains the biggest volume exchange in the world despite a recent hack, with South Korean appetites for trading coming to the fore in recent months.
Looks like #Monero $XMR is getting added to Korean exchange Bithumb, the exchange with currently the highest volume. pic.twitter.com/FFXrN6GlzL
— WhalePanda (@WhalePanda) August 21, 2017
Price rises appear far from over, with rates on the major exchange Bittrex encountering volatility and trades hitting more than $80 a token.
Little is currently confirmable about the developments and Monero’s future on Bithumb, with lead developer Riccardo Spagni yet to comment.
Spagni is known for his enthusiastic Twitter activity, having previously defended Monero and his development decisions in his classic wry style after prices peaked and suddenly fell this year.
Altcoin prices have traditionally increased following announcements of exchange deals. Most recently, Civic’s CVC token debuted on the Chinese exchange BTER, resulting in prices per coin rising from $0.22 to $0.68 within 48 hours.