As the 2021 bull market cycle plays out with decentralized funding and non-fungible tokens (NFTs), which are two of the biggest drivers of growth, old-school cryptocurrency projects have quietly risen as their established track records attract traders who have a longer history of value .
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 trying to hit its all-time high of $ 470 for 2017.
Data from Cointelegraph Markets and TradingView show that Monero’s price has risen 210% since hitting a low of $ 134 on Feb.1, along with a steady surge in trading volume and the network’s hash rate.
Community members are pushing for adoption
Momentum for XMR saw a noticeable spike in early February thanks to efforts by members of the Monero community to add XMR as a payment option on the Tesla website.
Although the proposal has so far been unsuccessful and Tesla is currently only announcing support for Bitcoin (BTC), efforts have succeeded in drawing greater attention to the Monero project and the privacy features it contains.
The project also received a boost after successful testing of Bulletproofs +, the network’s new knowledge-free testing system that enables lighter, smaller Monero transactions.
After the market downturn in late February, Monero’s price hovered in a narrower range in March despite several announcements related to adoption, including the ability to use XMR to book a private jet with TapJets and travel arrangements through Travala.
Monero has also received significant optimism due to the possibility of nuclear swaps between XMR and BTC.
ICYMI: Three different teams are working on atomic (trustworthy) Monero swaps!
– Farcaster is a Bitcoin-Monero atomic exchange project.
– The COMIT team is working on a usable XMRBTC swap tool.
– THORChain is working to add Monero to its cross-chain decentralized liquidity network.
– Monero || #xmr (@monero) January 27, 2021
In the time since the above tweet was posted in January, the Comit team has released a working swap demo that community members can try out, while THORchain has also verified that the Haven protocol is currently being used to convert Monero to integrate.
The craze for atomic swaps coupled with the release of the Haveno decentralized exchange in Monero on April 8 has resulted in the XMR price rising 66% in the past two weeks, bringing the price into a striking range from its old all-time high at $ 470.
With institutional investors remaining in the cryptocurrency asset class, more established projects like Monero are likely to be some of the first tokens to be explored, as evidenced by Grayscale Investments, which filed for a Monero trust in January.
This development – combined with a growing community, atomic swap features, and real world integrations – has positioned XMR well to see further growth as the current bull market cycle unfolds and the appeal of cryptocurrencies continues to attract new investors.
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