Monero has stood out in the past 24 hours as the best-performing cryptocurrency among the top 100 by market cap. On August 2nd, Monero (XMR) saw a nearly 5% increase, surpassing $164. This rise comes at a time when the broader crypto market is facing challenges, with Wall Street experiencing significant losses.
Despite facing obstacles such as exchanges delisting its native token due to regulatory concerns, Monero, known for its privacy features, continues to hold its position as the 27th largest cryptocurrency by market capitalization, which currently stands at $2.9 billion.
In July, Monero’s price reached $175 before experiencing a slight decline in the following days amidst overall market uncertainty. By August 1st, when Bitcoin dropped to nearly $62,000, XMR hit a low of $150, its lowest level since July 8.
Although Monero’s all-time high was recorded at over $542 in 2018, it has not yet reached the heights of $180 seen in mid-June. However, the recent increase to over $160 on August 2nd was welcomed by the Monero community, following positive developments for the privacy-focused coin.
The Monero team recently announced a collaboration with Cake Wallet, a non-custodial wallet that supports Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), to integrate Monero into the Keystone Hardware Wallet. Keystone, an open-source hardware cold wallet provider, confirmed this partnership, signaling further advancements in Monero’s accessibility and security.
Despite challenges posed by exchange delistings, the Monero community has responded positively to these recent developments. Keystone’s plan to be the first hardware wallet to include native Monero Mnemonic Seed support has bolstered confidence in the community.
Furthermore, Monero’s adoption case was highlighted when a grocery store in New York started accepting XMR as payment from customers. This move showcases the growing real-world utility of Monero and its increasing acceptance in various industries.
Overall, Monero’s performance in the past 24 hours reflects its resilience and potential for growth, supported by ongoing developments and adoption cases that demonstrate its value beyond just a speculative asset in the crypto market.