Monero (XMR), the leading privacy-focused crypto asset, hit a fresh all-time high of $686 today, climbing approximately 14% over the past 24 hours.

The rally pushed XMR’s market capitalization beyond $12 billion, according to CoinMarketCap data.

The surge marks Monero’s first major peak since its previous cycle highs. Trading volumes intensified alongside price action, exceeding $500 million in 24 hours.

XMR spiked past previous highs on Monday, then extended its rally after Dubai’s financial regulator, the Dubai Financial Services Authority (DFSA), cracked down on privacy-focused tokens within the Dubai International Financial Centre (DIFC).

Effective January 12, regulated exchanges cannot handle privacy coin trades, promotions, funds, or derivatives. Residents may keep the coins in private wallets, but firms are prohibited from using privacy tools such as mixers or tumblers.

The rally represents a decoupling from the crypto market as interest in privacy-sector tokens resurges. XMR has climbed roughly 45% over the past week, outperforming major assets like Bitcoin and Ethereum.

The privacy coin sector saw a 3.5% rise in market cap and a 30% jump in trading volume over the past day.

Dash surged over 55% and Canton gained 4%. Zcash, which made headlines for its late-2025 breakthrough, was up 1% in 24 hours but posted a weekly loss of 22%.