Decentralized finance and NFTs were two of the biggest drivers of growth in the 2021 bull market, with older cryptocurrency projects quietly gaining value.
One of these projects, the privacy-focused project Monero (XMR), recently celebrated its seventh birthday. The coin is now approaching the record level seen in 2017 at $ 470.
According to data from Cointelegraph Markets and TradingView, Monero increased 210 percent, along with the trading volume and hash rate of the network, after dropping as low as $ 134 on Feb.1.
Community members strive to increase prevalence
XMR’s upward momentum gained momentum in early February, thanks to the Monero community’s work to add cryptocurrency as a payment method on Tesla’s website.
While the proposal has failed so far (Tesla only supports Bitcoin for now), it has succeeded in attracting more attention to the Monero project.
The project gained momentum after the completion of the audit of Bulletproofs +, the zero-knowledge proof system that enables smaller Monero transactions of the network.
Following the market slump at the end of February, Monero followed a certain range throughout March, despite various announcements about its prevalence. Private jet charter company TapJets and travel company Travala announced that they will receive payments with XMR.
Monero also gained value thanks to the possibility of atomic swaps between XMR and BTC that could soon become real.
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 decentralised liquidity network.
– Currency || #xmr (@monero) January 27, 2021
Since the above post was posted, Comit has launched a swap demo for community members to try out. THORchain has also confirmed that it is in the process of working with the Haven protocol to integrate Monero.
Atomic swap expectations of Monero-based decentralized exchange Haveno With the launch on April 8 Combined, the XMR price has surged 66 percent over the past two weeks, coming close to its all-time high of $ 470.
As institutional investors turn to cryptocurrencies as an asset class, they are more likely to turn to more established projects such as Monero.