Monero Leads Top Altcoins in 24-Hour Gains Despite Sea of Red
Monero ranks as the most successful cryptocurrency within the top 100 groups by market capitalization as of the last 24 hours. XMR, on the 2nd of August, went on a kazoo above 164 dollars and documented intraday profits of nearly 5%. However, at the same time, the vast majority of the crypto market was striking red, and Wall Street traded very deep in the red.
Monero, a popular privacy coin, over the past few months saw a lot of struggles that were mainly due to the regulatory standpoint. Some of its coin’s native token got removed and some of the new listings have been stopped due to the more strict regulatory approach. Despite all these, XMR is firmly settled in the top 100 coins by market cap rotation, 27th with a market cap of $2.9 billion.
Recent Price Movements and Market Context
It was on July 26 when the XMR price reached $175 before falling further for some days as bearish sentiment in the jihadist market was caused by the sell-off. Bitcoin, on the one hand, was collapsing to below $62,000 as it approached the goal, and on the other hand, XMR was touching the new three-week minimum of $150 on August 1.
At some point in the past, when things were better, XMR reached a record high of more than $542 in 2018, and nowadays, the current market prices are even worse than the mid-June highs of $180, the buying of the coin, which was over $160 on the 2nd of August were connected to the good campaign of privacy coin.
Key Collaborations and Community Support
Last week, the Monero team shared about their joint project with Cake Wallet, a non-custodial multi-wallet that holds Bitcoin, Litecoin, and Ethereum names, all of which are latterly set to introduce Monero into the Keystone Hardware Wallet. The hardware wallet creator was excited to share the news about their new partnership with the wide Monero community after incorporation through their Keystone Hardware Wallet.
Regardless of the exchange delistings, Keystone’s integration of XMR has been well-received by the community. Keystone aims to be the first hardware wallet that provides native support for Monero’s Mnemonic Seed, which will add to the community’s feeling of security.
Growing Adoption and Use Cases
Monero has just made its first steps towards the adoption. Its fact that a grocery store from New York now accepts XMR as payment from its customers excited XMR community and demonstrated the usefulness and stability of it in everyday transactions.
To be precise, XMR recent profits and steady progress reflect its prospects in an industry that is usually tough. New partnerships and real-life applications multiply, that is why Monero never stops to get closer to the top of the cryptocurrency hierarchy.
