The price of Monero (XMR) is about to close in on its 2017 all-time high as the network updates, atomic swaps, and real-world incorporations catch the consciousness of retail and institutional investors. As the 2021 market rally unfolds with DeFi and NFTs being two of the biggest driving forces for the surge.
Monero Price Surged to ATH Due to Network Upgrades and Atomic Swaps
The old-school crypto projects have silently been ascending higher as their developed track records start to allure traders who value a longer history of success.
Monero, a privacy-targeted project, is one of those projects that has been acquiring in recent weeks.
In addition to this, the project has recently commemorated its seven-year anniversary and is now looking forward to surpassing its ATH of 2017, which was $470.
Moreover, the data from leading market analysts shows that since the time of reaching a low of $134 on February 1, Monero’s price has surged around 210%.
Along with the rise in the price of the asset, the analysts also witnessed a significant increase in the trading volume and the hash rate of the network.
The momentum for Monero witnessed a significant uptick in the month of February and all the credit goes to an effort by members of the Monero community to get XMR added as a payment option on the official website of Tesla.
While the proposal has thus far been unsuccessful, with the auto company announcing assistance for BTC at this point in time. The effort succeeded in alluring broader attention to the Monero model and the privacy possibilities it offers.
Boost in the Momentum of the Asset
The project also acquired a boost in momentum following the triumphant inspection of Bulletproofs+, the new zero-knowledge proving system of the network. The system enables lighter and smaller Monero dealings.
Following the downturn in the market in late February, the price of Monero traded in a fastening range through March despite multiple announcements related to adoptions.
It also included the capability to use XMR to book a private jet with TapJets and to book travel arrangements through Travala.
Monero has also acquired a notable boost in optimism due to the potential of atomic swaps between BTC and XMR.