Monero Breaks Resistance Amidst 51% Hashrate Concerns, Trading Surge

The cryptocurrency Monero (XMR) has experienced a significant surge in value despite recent concerns about its network security. This spike follows reports of Qubic, a mining pool, controlling over 50% of the network’s hashrate, triggering a temporary pause on deposits at Kraken exchange. While analysts highlight potential risks to decentralization, Monero’s trading volume has surged as buyers flock to this asset, even amid a recent spike in the overall hashrate dominance by Qubic. The surge comes as technical indicators show strong inflows and cooling volatility, pushing XMR above a key resistance level.