- Monero’s on-chain activity grew in 2024–2025, even after major exchanges like Binance and Coinbase delisted it.
- Darknet markets favor Monero, with nearly half of new platforms in 2025 supporting XMR-only transactions.
- Privacy demand keeps Monero active, though lower liquidity causes higher price swings than Bitcoin or Ethereum.
Monero’s privacy-focused cryptocurrency continues to defy market pressures, showing resilient on-chain activity through 2024–2025. TRM Labs reports that despite delistings from major exchanges like Binance and Coinbase, Monero usage stayed well above pre-2022 levels.
This is according to analysts, who point to the privacy features of the coin and the loyal user base that is willing to work through fewer exchanges. The cryptocurrency has a special place in cryptocurrencies, particularly as the transparency on public blockchains rises and US dollar-backed stablecoins become the dominant form of global payments.
In addition, the fact that Monero has continued to provide strong privacy features has ensured that it continues to appeal to users who value privacy over convenience. Although events on the network and market changes have led to fluctuations in activity from time to time, the fact is that there has been a significant increase in usage since 2020. Transaction levels in 2024 and 2025 were well above the levels seen in early 2020 and 2021, despite increased enforcement and compliance efforts on other assets.
Exchange Delistings and Market Fragmentation
Monero is also heavily de-risked on large exchanges. In 2025 alone, 73 exchanges removed it, leaving the liquidity to be focused on either offshore or less-compliant exchanges. As a result, although ransomware attackers demand Monero, the actual payment is still made in Bitcoin because of its ease of acquisition and transferability.
The challenge here is that Monero has a price volatility that is 2.5 times higher than that of Bitcoin or Ethereum.
Darknet Market Adoption
The use of Monero in darknet markets is on the rise. Almost 48% of newly established markets in 2025 favored Monero exclusively, particularly in Western-oriented settings. This is a clear indication of the reaction of privacy coins to the growing traceability of Bitcoin and stablecoins. Monero, therefore, caters to a niche market for privacy, which remains consistently active on-chain despite restrictions on mainstream exchanges.
Recent studies on Monero’s peer-to-peer network have shown irregular patterns that defy the expected standard protocol. Real-world operational factors may also affect privacy expectations, in addition to on-chain measures. These patterns are tracked by TRM Labs to assist law enforcement and government agencies in their pursuit of illicit activities.
