As the bull market cycle in 2021 unfolds with decentralized funding and non-exchangeable tokens, or NFTs, which are the two largest growth drivers, crypto projects have grown long ago as their official listings begin to attract traders who value longer success stories.
One such project that has gained traction in recent weeks is Monero (XMR), a privacy-focused project that recently celebrated its 7th anniversary and now wants to hit a 2017 high of $ 470.
XMR / USDT 4-hour chart. Source: TradingView
Data from Cointelegraph Markets and TradingView show that since hitting a low of $ 134 on February 1, Monero’s price has risen 210%, along with a steady increase in online trading volume and retail rates.
Community members pay for adoption
The momentum for XMR increased markedly in early February as members of the Monero community tried to add XMR as a payment option on Tesla’s website.
Although the proposal has not yet succeeded, Tesla only announced support for Bitcoin (BTC) for the time being, managed to attract more interest in the Monero project and the privacy features it offers.
The project also gained momentum following a successful review of Bulletproofs +, a new zero-awareness system for the network that makes Monero transactions simpler and smaller.
After the market plummeted in late February, the Monero price traded in a tight spot throughout March, despite numerous announcements regarding announcements, including the possibility of using XMR to book a private jet with TapJets and travel bookings through Travala.
Monero has also received a big boost of optimism due to the possibility of a nuclear exchange between XMR and BTC.
Since the above tweet was posted in January, the Comit team has released a demo job exchange for community members to try it out, while THORchain has also confirmed that it is in the process of working on the Haven protocol to integrate Monero.
Tensions around nuclear swaps, coupled with the April 8 release of the Havino decentralized stock exchange, have driven the price of XMR up 66% over the past two weeks and put the price in an astonishing range from the old record. Up to $ 470.
As institutional investors continue to grapple with the cryptocurrency asset class, more established businesses like Monero are likely to be among the first tokens to be explored, according to Grayscale Investments, which fixes Monero’s trust in January.
This development – along with the growing community and real nuclear exchange and integration functions – has put XMR in a good position to grow further as the current beef market cycle evolves, and cryptocurrencies continue to attract new investors.