$105,758.00
-0.02%$2,603.67
0.41%$2.26
2.92%$661.67
-0.53%$155.92
-0.34%$0.999775
-0.00%$0.194028
-0.56%$0.27084
0.77%$0.686747
-0.37%$2,599.64
0.48%$105,609.00
0.08%$36.64
1.65%$3,129.78
0.33%$3.25
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0.80%$21.19
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0.99%$8.94
5.20%$403.86
0.19%$3.19
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0.73%$0.999777
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0.70%$89.75
0.11%$2,781.38
0.74%$344.21
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0.17%$1.001
0.07%$1.001
0.08%$4.79
0.94%$0.00001236
0.57%$0.650318
0.66%$105,674.00
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0.23%$266.86
4.06%$6.66
3.66%$388.78
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0.09%$4.96
1.39%$2.52
0.70%$0.102456
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4.99%$188.14
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0.05%$17.62
0.63%$32.61
5.04%$1.054
0.04%$19.28
0.27%$0.088035
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0.02%$0.823345
5.49%$0.02473345
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2.99%$105,444.00
0.31%$0.215633
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0.35%$1.20
1.60%$2.64
0.27%$0.361868
1.61%$0.198237
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6.24%$0.542503
0.68%$0.998507
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0.31%$4.46
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2.52%$0.199148
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0.01%$0.652612
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8.09%$0.979475
3.24%$105,645.00
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0.91%$2,775.18
0.42%$0.098122
0.31%$0.686999
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0.73%$1.001
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1.27%$661.87
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0.52%$2,740.97
0.85%$0.00008683
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0.90%$0.188055
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0.33%$0.121917
0.54%$0.282158
0.13%$4.23
-0.67%$0.0000007
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0.25%$1.00
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2.57%$111.29
0.01%$0.495462
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5.52%$0.589221
1.60%$0.375802
0.20%$1.69
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0.31%$2,600.97
0.30%$0.562153
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1.97%$1.10
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2.11%$0.18692
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2.73%$1.53
2.55%$0.999738
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2.42%$0.576536
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7.05%$15.98
0.70%$0.062936
1.52%$1.85
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3.32%$0.00002221
1.29%$0.374524
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1.45%$1.096
11.22%$0.00000043
0.52%$103,564.00
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1.08%$2.58
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2.12%$1.089
0.00%$1.006
0.66%$36.70
2.15%$44.35
7.47%$0.07919
0.65%$0.00436709
4.58%$1.22
1.08%$2,588.33
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3.60%$0.0048877
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0.26%$2,811.20
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4.37%$0.0400829
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0.88%$0.38147
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1.00%$0.00000097
2.89%$1.39
6.78%$0.38271
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0.13%$2,863.97
0.45%$0.00415515
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0.90%$105,647.00
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0.80%$0.139823
5.91%$105,685.00
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2.47%$0.810683
1.17%$0.00006073
0.70%$2,602.40
0.23%$7.89
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0.03%$0.3317
1.49%$19.58
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1.97%$0.999592
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12.37%$0.650308
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1.68%$16.67
0.78%$3,359.75
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0.09%$1.68
0.37%$105,914.00
-1.44%Reading
Privacy-focused cryptocurrency Monero (XMR) today continues its price rally sparked by the launch of atomic swaps last week.
At the time of writing, Monero was trading at around $328, up nearly 16% over the past 24 hours, according to crypto metrics platform CoinGecko.
Notably, the price of Monero has been steadily growing since August 17 when Monero developers announced that atomic swaps between Bitcoin are now available on the mainnet.
“XMR <-> BTC atomic swaps are live on mainnet! We're delighted to see Seth and others working to make them easily accessible such that anyone can swap trustlessly and privately!” the developers tweeted.
XMR <-> BTC atomic swaps are live on mainnet! We're delighted to see Seth and others working to make them easily accessible such that anyone can swap trustlessly and privately! #monero #xmr https://t.co/uRm7UCCHox
— Monero || #xmr (@monero) August 17, 2021
Atomic swaps allow crypto holders to directly exchange their coins between different blockchains via smart contracts. One of the main advantages of atomic swaps is that they are trustless and don’t require any third parties like an exchange or broker.
In Monero’s case, this means that users can now swap their BTC for XMR—and vice versa—without intermediaries. Unsurprisingly, the update has had a positive impact on Monero’s price last week.
XMR’s fundamentals are also backing the coin’s continued growth.
For one, data from analytics platform Messari show a notable increase in XMR transactions over the past month, signaling growing demand from users.
In June and July, for example, XMR’s transactions fluctuated between roughly 14,000-20,000 per day on average. In August, however, the number of daily transactions broke above 30,000 on several occasions.
At the same time, XMR’s price volatility has been gradually decreasing. At press time, Monero’s volatility hovers around 0.67—a far cry from the levels of over 2.4 in June.
Messari’s charts also show that Monero’s price has been moving in the opposite direction of the coin’s volatility over the past few months.
This means that wider XMR price swings are usually accompanied by a price decline. Conversely, drops in volatility appear to be catalyzing upward momentum for the price of Monero.
How do you trade coins on different networks? Before atomic swaps, there were only two ways: Use a centralized exchange that held both coins and conducted the actual trading for you. Arrange a trade directly with another crypto asset holder where you send your coin to them then they send their coin to you. Both ways require you to trust either the centralized exchange or the other coin holder, which is hardly the blockchain dream. What makes blockchain unique is that you only need to trust the...
All of these points paint a bullish picture for the privacy coin. It remains to be seen, however, how long the rally will last.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Trump Media & Technology Group is moving forward with plans to launch cryptocurrency-based exchange traded funds, starting with a spot Bitcoin ETF in the United States. NYSE Arca filed paperwork Tuesday seeking a rule change to list the "Truth Social Bitcoin ETF" from Yorkville America Digital, the product of an April partnership between the firm, President Trump's Trump Media, and Crypto.com. The proposed ETF would give investors exposure to the leading cryptocurrency via shares on the stock ex...
A Nasdaq-listed online education platform has announced a crypto-buying strategy—but will snap up SOL, the sixth biggest digital coin, and not Bitcoin. Classover, which provides online children classes, said Tuesday that it had entered into an agreement with Solana Growth Ventures LLC to issue $500 million in senior secured convertible notes to purchase Solana. The company added that it had already bought 6,472 SOL for approximately $1.05 million as part of its plan to "acquire, hold, and stake...
Bitcoin miner MARA Holdings, formerly Marathon Digital, set a new monthly record in May, producing 950 Bitcoin, a 35% increase from April. The BTC miner said it won 282 blocks, marking a 38% month-over-month increase, and grew its energized hashrate to 58.3 exahash per second. MARA's big month occurred as Bitcoin hit a record high above $112,000, part of a wider upturn in crypto markets stemming from improved environment for risk-on assets. Bitcoin was recently trading above $106,000, up 2% over...
