On Monday, the Monero price was trading below $200. Currently, the Monero price is trading at a global average of $287.52, which translates into a $4.4 billion market cap. South Koria based Exchange Bitumb valued Monero again at nearly $40 dollars above the price average, opposed to the top exchanges like Poloniex valuing the price at $264.

Two key factors that attributed to Monero's price hike was Antivirus Pioneer, and CEO of MGTCapital John McAfee. They both stated on an episode of real news with David Knight that Monero could be a serious competitor for Bitcoin. Activity on social media indicates the investor community has noted inside knowledge from the entrepreneur comments on the cryptocurrency.

The second factor is that Monero announced Project Coral Reef, an online shopping initiative that will allow music fans this winter to use Monero to purchase a wide array of musical merchandise, from more than  45 high-profile musical artists, including Mariah Carey, G-Eazy, at discount prices.

The initiative was created by Naveen Jain and Riccardo “fluffypony” Spagni to elevate the awareness and viability of using Monero in everyday consumer transactions.