The only reason I can think of is that it's one of the most speculative coin, and traders are buying it and then dump as soon as they profit. Of course there are hardcore enthusiast who put their money into it for privacy purposes, but I don't think it is enough to push the price.
No Monero is to only coin that is used in businesses for transactions. totally opposite what you just said. There is even meme: Dont buy Monero unless you plan to use it.
Why is Monero used? Because its transaction cant be linked. Business are not afraid someone will spy on their transactions. Who they transact with and at what amounts. This beside less then a cent transaction fees makes all this transaction number growth.
So that is mean that the increased on price has something to do with people using Monero for illicit purposes in the dark web? 20% in a week? not that bad, but I can't hardly understand is that people people are continuing to push the price despite the government tracking them very hard, so I find it very surprising.
I wonder though what 'businesses' you are talking about? Dark web that I'm trying to point out or some other legit business? or both? Or this kind of news really pump the market?
Monero Atomic Swap Project Raises Over $290k in 48 hours.
Any business. What business do you think will like that their customers know who are other customers they have? Or who are their suppliers? None. I remember few weeks ago one shrink was asking on Monero subreddit how to offer his clients to pay in Monero. Getting psychological help is not something most people would want that all your neighbours find out. But as I said. I talk of any business. If you are hairdresser or selling fruits or for Apple or Huawei or whatever. Transparent ledger cryptocurrency where anyone can see all your transactions is not hygienically to use in any business.
Number Monero transaction are increasing constantly for about a year and a half. It is gradual increase. Of course when there is sudden price increase as it was last few weeks number of transactions increase even more since people also make transactions just for sending coins to exchanges and off exchanges ( not really a Monero usecase). But when you zoom out you will see a gradual growth about 10% a month that is going on fro almost 20 months. Few month up and then few months stays same and then again few months up.
Increased price has nothing to do with people using Monero also on Darkmarkets. People on dark markets use money. Monero is permissionless money. People that trade on darkmarkets also use shoes. They will buy and wear those shoes that most fit them.
