Monero jumps 13% – Are XMR bulls paying more for a crowded trade?

The privacy narrative could be attracting investor interest, with Monero [XMR] surging 13% over the past 24 hours. The gain extended its bullish momentum over recent weeks, as perpetual traders increased their involvement. Retail activity appeared to play a growing role, potentially helping sustain the asset’s run in the near term. Why are Monero traders betting on gains? The rally coincided with increased bullish positioning in the XMR perpetual market, as traders anticipated further upside. Between the 21st and 22nd of October, the OI-Weighted Funding Rate rose from 0.0022% to 0.0480%. That put the reading at roughly 21.8 times its starting level. A positive Funding Rate means longs pay shorts, reflecting traders’ willingness to pay for bullish exposure.

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