The price of Monero is gradually inching closer to its all-time high of 2017 while atomic swaps, network upgrades, and real-world integrations are getting attention. Institutional and retail investors are attracted which is evident in XMR price.
The bullish market pattern of 2021 is revealing the 2 of the largest driving forces driving up the growth. Those factors are the NFTs, or nonfungible tokens, and decentralized finance. Few traditional cryptocurrency projects are now slowly surging as the ongoing track records start attracting traders that prioritize success history.
The Huge Success Of XMR Price
The Monero project, a privacy-related project, has rapidly gained traction over the last few weeks. The tokens lately celebrated their 7-year anniversary with an all-time high that might surpass their 2017 record high being $470.
According to the TradingView and Cointelegraph Markets reports, XMR price has spiked 210% from the $134 low on 1st February. The hash rate and trading volume have also increased considerably.
XMR momentum witnessed a significant upsurge at the beginning of February owing to the Monero members’ effort to make the token the payment option for the Tesla website. The proposal for payment options has still not become a success as Tesla has only supported Bitcoin so far.
Monero project received a huge boost of momentum after the audit success of Bulletproofs and a new proving system of zero-knowledge that allows smaller and lighter transactions. After the late February market downturn, XMR price dived throughout March. This happened despite several adoption-related announcements.
The craze around atomic swaps along with Haveno DEX on 8th April led to a 66% spike in Monero price. As a result, XMR price reclaimed the $470 high mark.