As Bitcoin cools off near the $100,000 level, Monero (XMR) is charting its own course—one of relentless upward momentum.

Since plunging to $165 during the panic selling in early April, XMR has surged by 110%, currently trading around $347 after a 4.6% gain this week. In the past 24 hours alone, it’s up 2%, making it the top performer among the 100 largest cryptocurrencies by market cap. Bitcoin, in contrast, has slipped 1.6% on the day and is down 2% for the week.

What’s fueling Monero’s dramatic rebound while the rest of the market catches its breath?

Analysts point to a confluence of factors—regulatory shifts, tech innovation, and renewed demand for privacy. HTX Research notes that the U.S. regulatory environment has grown more favorable, with the FIT21 crypto framework gaining traction and regulators taking a softer stance on tokens like Monero. This has helped ease long-standing fears about clampdowns on privacy coins.

Adding fuel to the fire is Monero’s forthcoming FCMP++ upgrade—a major privacy enhancement slated for later this year. The upgrade is designed to future-proof Monero against quantum attacks, introducing forward secrecy by replacing traditional ring signatures with full-chain membership proofs.

“Think of it like upgrading from a regular diary lock to an uncrackable vault,” said @DatCryptoPiggie, a Monero advocate on X. “Even if someone develops a quantum skeleton key in the future, they still won’t be able to access what was written in the past.”

Meanwhile, chatter about major exchanges considering the relisting of privacy coins is adding bullish pressure. Low liquidity and concentrated holdings mean that privacy coins like XMR often see outsized moves when new capital enters the market.

Finally, there’s speculation that Monero was used to help obfuscate a recent $330 million Bitcoin theft—a controversial but potent reminder of XMR’s appeal in untraceable transactions.

In a market moment where most altcoins are treading water, Monero is cutting through the noise—and making privacy profitable again.