Wednesday, September 22, 2021

Atomic swaps and network upgrades send Monero (XMR) price to a 3-year high

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Because the 2021 bull market cycle unfolds with decentralized finance and nonfungible tokens, or NFTs, being two of the most important driving forces for development, old-school cryptocurrency tasks have quietly been climbing greater as their established monitor information start to draw merchants who worth an extended historical past of success.

One such mission that has been gaining traction in current weeks is Monero (XMR), a privacy-focused mission that lately celebrated its seven-year anniversary and is now seeking to take out its 2017 all-time excessive of $470.

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XMR/USDT 4-hour chart. Supply: TradingView

Knowledge from Cointelegraph Markets and TradingView reveals that since reaching a low of $134 on Feb. 1 the worth of Monero has swelled 210% alongside a gentle enhance in buying and selling quantity and the community’s hash charge.

Group members push for adoption

Momentum for XMR noticed a noticeable uptick in early February due to an effort by members of the Monero group to get XMR added as a payment option on Tesla’s web site.

Whereas the proposal has to date been unsuccessful, with Tesla solely saying assist for Bitcoin (BTC) right now, the trouble succeeded in attracting wider consideration to the Monero mission and the privateness capabilities it presents.

The mission additionally acquired a lift in momentum following the profitable audit of Bulletproofs+, the community’s new zero-knowledge proving system that permits lighter, smaller Monero transactions.

Following the market downturn in late February, the worth of Monero traded in a tightening vary by way of the month of March regardless of a number of adoption-related bulletins, together with the flexibility to make use of XMR to book a personal jet with TapJets and to book journey preparations by way of Travala.

Monero has additionally acquired a major enhance in optimism attributable to the potential for atomic swaps between XMR and BTC.

Within the time for the reason that above tweet was posted in January, the Comit workforce has released a functioning swap demo for group members to check out whereas THORchain has additionally verified that it’s within the technique of working with the Haven protocol to combine Monero.

Pleasure for atomic swaps mixed with the discharge of the Monero-based Haveno decentralized exchange on April 8 has resulted in a 66% surge within the value of XMR over the previous two weeks and put its value inside placing vary of its outdated all-time excessive at $470.

As institutional traders proceed to achieve publicity to the cryptocurrency asset class, extra established tasks like Monero are more likely to be a number of the first tokens which can be explored, as evidenced by Grayscale Investments filing for a Monero trust in January.

This improvement — mixed with a rising group, atomic swap performance and real-world integrations — has XMR properly positioned to see additional development as the present bull market cycle unfolds and the attraction of cryptocurrencies continues to entice new traders.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer includes threat, and you must conduct your personal analysis when making a choice.