firo-price-skyrocketed
Firo Price Skyrocketed Over 250%

Firo Price Skyrocketed Over 250%, What Are The Possible Reasons?

Firo (FIRO), the popular privacy coin, has been in talks lately for the immense gain that it saw. The coin is often considered the biggest competitor of Monero (XMR), the privacy cryptocurrency behemoth. Yesterday,  FIRO took the first major step in outperforming the XMR. Therefore, the supporters of this token are excited and bullish about its forthcoming Firo price actions.

What is Firo?

Firo, formerly known as Zcoin, is a crypto token that has been determined to become an anonymous online currency or cash. Thus, it aims to provide utmost privacy to its holders, users, and traders. The integration of the Lelantus privacy system allows users to burn their existing crypto holdings and exchange them for new cryptos that too without any transaction history. This feature is what makes it completely different from Monero which enables privacy features as well.

FIRO Price Today

According to data by CoinMarketCap, a major crypto price tracking website, the FIRO coin skyrocketed by a whopping 250.75% and traded at $5.21 at the time of writing on Friday, July 15, 2022. The market capitalization of the token stood at $58.6 billion, up by 194.34%. In addition, the 24-hour trading volume had surged by a massive 2370.48% and was at $385.56 million.

firo-1d-graph
Firo 1D Graph (CoinMarketcap)

The 24-hour high of Firo was $6.28 which showed a significant increase as the crypto gained from a low of $1.48. However, it is still far from its all-time high of $11.98. The 50-day Exponential Moving Average (EMA) metric provided by TradingView was 1.9017725, indicating that it was a buy at that moment.

The aforementioned gain was sheerly unexpected since the coin had not even crossed $2.00 for two months now. However, the Firo price surge could be attributed to the fact that the developers of the crypto released research papers on July 12, 2022, as the FIRO enthusiasts demanded to know more about investing in it. This move is seen as an act of accountability and thus might have triggered the price action. Moreover, with more people aware of the cryptos working, it can be determined that more of them were interested in holding it.

Firo Competitor’s Performance

Monero (XMR), the biggest competitor of Firo, saw a price gain that was not as significant as the latter’s price action. However, the XMR token managed to gain 8.39% and traded at $134.82 at the time of reporting on Friday, July 15, 2022. The market capitalization of the token stood at $2.4 billion, up by 8.44%. In addition, the 24-hour trading volume had increased by 17.90% and was at $105.59 million. Though the gain was not higher than that of Firo, XMR is still acing the race with a value of more than $130 currently.

Earlier, the analysts had placed the Firo price prediction rating at a mere value of $1.86 by the end of 2022. However, the recent price actions have totally turned the tables.

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