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Monero’s price is approaching its all-time high set in 2017, as network updates, atomic exchanges, and real-world integrations pique the interest of retail and institutional buyers.
As the 2021 bull market cycle unfolds, with decentralised finance and nonfungible tokens, or NFTs, as two of the most important driving forces for progress, old-school cryptocurrency ventures have quietly been climbing higher as their proven track records begin to draw traders who appreciate a longer track record of performance.
One such project that has been gaining traction in recent weeks is Monero (XMR), a privacy-focused project that recently celebrated its seven-year anniversary and is now looking to take out its 2017 all-time high of $470.
Data from Cointelegraph Markets and TradingView shows that since reaching a low of $134 on Feb. 1 the price of Monero has swelled 210% alongside a steady increase in trading volume and the network’s hash rate.
Community members push for adoption
XMR’s momentum increased noticeably in early February as a result of an attempt by members of the Monero group to have XMR added as a payment alternative on Tesla’s website.
Although the plan has so far been futile, with Tesla only declaring support for Bitcoin (BTC) at this stage, it has succeeded in drawing attention to the Monero project and the privacy features it provides.
The project also received a boost in momentum following the successful audit of Bulletproofs+, the network’s new zero-knowledge proving system that enables lighter, smaller Monero transactions.
Following the market downturn in late February, the price of Monero traded in a tightening range through the month of March despite multiple adoption-related announcements, including the ability to use XMR to book a private jet with TapJets and to book travel arrangements through Travala.
Monero has also received a significant boost in 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 XMR<>BTC swap tool.
– THORChain is working on adding Monero to their cross-chain decentralised liquidity network.
— Monero || #xmr (@monero) January 27, 2021
Since the above tweet was posted in January, the Comit team has launched a working swap demo for community members to check out, and THORchain has confirmed that it is working with the Haven protocol to merge Monero.
Excitement for atomic exchanges, along with the April 8 launch of the Monero-based Haveno decentralised market, has culminated in a 66 percent increase in the price of XMR over the last two weeks, putting it within striking distance of its previous all-time peak of $470.
As institutional investors gain exposure to the cryptocurrency asset class, more mature ventures like Monero are likely to be among the first tokens to be investigated, as shown by Grayscale Investments’ filing for a Monero trust in January.
This creation, coupled with an increasing community, atomic swap capabilities, and real-world integrations, positions XMR well for further growth as the ongoing bull market cycle progresses and the allure of cryptocurrencies continues to entice new buyers.