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Why Did The Price Of Monero Reach Its Highest Level In Three Years?

With the Monero network upgrade, support for atomic swaps, and the increasing tangible uses of this digital currency that is attracting the attention of micro and institutional investors, the Monero price has recently reached its highest level in three years and is now approaching the peak of 2017.

Monero : As the defy market booms and unparalleled tokens soar, so does the value of old digital currency projects; Because their track record attracts traders with more success history.

One of these projects that has come to the fore in recent weeks is Monero . The digital currency is based on privacy and has just celebrated its seventh anniversary and is now looking to break the $ 470 price peak in 2017.

The price of Monroe reached its highest level in the last 3 years with the recent network updates

Monero four-hour price chart

Data from the Kevin Telegraph Markets and Trading View show that the Monero has risen 210% since hitting $ 134 on February 1. 

In addition, the volume of Monero hashtag transactions in its network has been accompanied by an increase in stability.

Monero price acceleration increased significantly in early February thanks to efforts by members of the Monero community to add it to Tesla’s website as a payment option.

Although the offer was unsuccessful, and Tesla currently only supports Bitcoin, efforts to draw wider attention to the Monero project and its private purchasing capabilities have been successful.

The project also gained momentum due to Bulletproofs + security approvals, a new zero-network knowledge proof system that allows lighter and smaller transactions.

Following the market downturn in late February, Monero traded for a narrower period this month, despite numerous acceptance announcements, including for booking jets at TapJets and booking itineraries in Travala.

Optimism about Monero has increased significantly due to the possibility of supporting atomic swaps between this digital currency and bitcoin.

Tim Monero tweeted:

If you missed it: Three different teams are working on Monero Atomic Swap (without the need for trust)! Forexter is an atomic swap project between Bitcoin and Monero . The Comit team is working on an XMRBTC exchange tool. Torchin is also working on adding Monero to a decentralized inter-chain liquidity network.

At the time of posting the tweet in January, the Comit team released an active demo for members of the community to try it out, while THORchain also confirmed that it was working on the Haven Protocol to integrate it into Monero .

The excitement of Atomic Swap, along with the announcement of the launch of a decentralized Monero -based exchange at Haveno on April 8, led to a 66 percent increase Monero priceIn the last two weeks. The price increase puts Monero on track to reach its highest record of $ 470.

Installed investors are more likely to consider digital currencies such as Monero , as Grayscale filed a Monero Trust application in late January. .

This development, along with a growing community, atomic swap capability and real-world applications, puts Monero in a good position to see further growth as the current uptrend market cycle continues to expand and new investors continue to be attracted by the attractiveness of digital currencies.