Monero leads top altcoins in 24-hour gains despite sea of red

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As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find the recent performance of Monero (XMR) intriguing. Despite facing challenges due to exchange delistings and regulatory scrutiny, XMR has managed to maintain its position among the top 100 coins by market cap. The recent surge above $164, following a dip in July, is a testament to the resilience of this privacy coin.

Right now, Monero stands out as the leading performer among the top 100 cryptocurrencies in terms of market capitalization during the last 24 hours.

On August 2nd, the value of Monero (XMR) climbed beyond $164, marking a roughly 5% increase for the day, as many cryptocurrencies faced difficulties and Wall Street experienced significant losses.

In recent times, Monero, a digital currency known for privacy, has encountered difficulties, primarily due to various exchanges removing its original token in response to growing regulatory pressure. Yet, amidst these challenges, XMR continues to be one of the top 100 cryptocurrencies by market capitalization, currently occupying the 27th position with a market cap of approximately $2.9 billion.

XMR rose to $175 in July

On the 26th of July, Monero’s value peaked at $175, but it subsequently dropped over the following days due to a general downturn in the crypto market that undermined the bullish sentiment. However, on August 1st, coinciding with Bitcoin‘s plunge towards $62k, Monero reached its lowest point since July 8th, touching an all-time low of $150.

XMR traded at its all-time high above $542 in 2018.  

As XMR trades lower than its June peak of $180, a recent surge above $160 occurred due to encouraging developments for the privacy token.

As a long-time cryptocurrency enthusiast with a penchant for privacy coins, I am thrilled by the recent announcement that Monero will be making its way to the Keystone Hardware Wallet through collaboration with Cake Wallet. Having experienced a few security breaches in the past, I understand the importance of safekeeping my digital assets, and the integration of Monero into this hardware wallet is a significant step towards ensuring the safety of my cryptocurrency investments. The non-custodial nature of Cake Wallet further adds to its appeal, as it allows me to maintain full control over my funds. Overall, I believe that this collaboration will greatly benefit the Monero community and contribute to the wider adoption of privacy coins in the crypto space.

Keystone, an open-source hardware cold wallet provider, confirmed the collaboration.

Working together with Cake Wallet, we’ve started the process of incorporating Monero into the Keystone Hardware Wallet!— Monero (XMR) (@monero) July 31, 2024

In response to the news that Monero (XMR) delistings from exchanges might affect it, the community’s enthusiasm for recent advancements has served as a balance. Notably, Keystone declared intentions to be the first hardware wallet to accommodate native Monero Mnemonic Seed, thereby boosting the community’s trust and confidence in the currency.

As someone who has been following the cryptocurrency scene for quite some time, I must say that I find it truly exciting to see Monero gaining traction and being accepted as a payment method at a grocery store in New York. Having witnessed the evolution of digital currencies over the years, I remember the initial skepticism and resistance towards them. However, seeing real-world adoption cases like this one gives me hope that cryptocurrencies can become an integral part of our daily lives and contribute to financial freedom for many people around the world. It’s a testament to Monero’s privacy features and its potential to offer a more secure and decentralized way of conducting transactions. I look forward to seeing more businesses adopt Monero as a payment option in the future, and I believe that this could be just the beginning of a new era for digital currencies.

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2024-08-03 01:18