As the 2021 bull cycle progresses, in which decentralized finance and non-fungible tokens, or NFTs, are two of the biggest driving forces for growth, Old-school cryptocurrency projects have been quietly on the rise as their established trajectories begin to attract traders who value a longer track record of success.
One of these projects that has been gaining relevance in recent weeks is Monero (XMR), a privacy-focused project that recently celebrated its seventh anniversary and is now looking to surpass its 2017 all-time high of $ 470.
Data from Cointelegraph Markets and TradingView show that Since hitting a low of $ 134 on February 1, the price of Monero has increased 210% along with a steady increase in the trading volume and hash rate of the network.
Community members drive adoption
The momentum of XMR saw a notable increase in early February thanks to the effort of members of the Monero community to get whate XMR was added as a payment option on the Tesla website.
Although the proposal has not been successful so far, as Tesla announced that it will only accept Bitcoin (BTC) for the time being, The effort has managed to attract greater attention to the Monero project and the privacy possibilities it offers.
The project also received a boost after the successful audit by Bulletproofs +, the network’s new zero-knowledge proof system that enables lighter and smaller Monero transactions.
Following the market crash in late February, Monero’s price traded in a tight range for the month of March, despite multiple announcements related to adoption, including the possibility of using XMR to Reserve a private plane with TapJets Y schedule travel through Travala.
Monero has also received a significant boost of optimism due to the possibility of atomic swaps between XMR and BTC.
ICYMI: Three different teams are working on atomic (trustless) Monero swaps!
– Farcaster is a Bitcoin-Monero atomic swap project.
– COMIT team is working on a usable XMRBTC swap tool.
– THORChain is working on adding Monero to their cross-chain decentralized liquidity network.
– Monero || #xmr (@monero) January 27, 2021
In case you missed it: Three different teams are working on Monero atomic swaps (no trust)!
– Farcaster is a Bitcoin-Monero atomic exchange project.
– The COMIT team is working on a usable XMRBTC exchange tool.
– THORChain is working on adding Monero to its decentralized cross-chain liquidity network.
In the time since the previous tweet was posted in January, the Comit team has published a working swap demo for community members to try, while THORchain has also verified which is in the process of working with the Haven protocol to integrate Monero.
The enthusiasm for atomic exchanges, combined with the launch of the exchange decentralized, Haveno, based on Monero on April 8, has resulted in a 66% increase in XMR price in the last two weeks and has put its price in a surprising range of its old all-time high of $ 470.
As institutional investors continue to gain exposure to the cryptocurrency asset class, more established projects, such as Monero, are likely to be some of the first tokens to be explored, as evidenced by the fact that Grayscale Investments applied for a trust. Monero in January.
This development, combined with a growing community, atomic swap functionality, and real-world integrations, makes XMR well positioned to see further growth as the current bull market cycle unfolds and the lure of crypto continues to attract new investors.
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