Monero Price Surges 15% After Continuing Last Week’s Rally: Analysis

The monero price surges 15% after continuing last week’s rally on the back of a key update and several bullish metrics as we are reading more in our latest Monero news today.

The privacy-focused crypto Monero today continues its price rally that was sparked by the launch of the atomic swaps last week and at the time of writing, Monero was trading at around $328 or up by 16% over the past 24 hours according to the CoinGecko platform. The price of Monero was steadily growing since august 17 when Monero developers announced the swaps between BTC which are now available on the mainnet.

XMR <-> BTC atomic swaps are live on mainnet! We’re delighted to see Seth and others working to make them easily accessible such that anyone can swap trustlessly and privately! #monero #xmr https://t.co/uRm7UCCHox

— Monero || #xmr (@monero) August 17, 2021

The developers tweeted about the BTC atomic swaps which are going to make everyone’s work easier as they can swap trustlessly and privately. Atomic swaps allow crypto holders to directly exchange their cons between the different blockchains via smart contracts and one of the main advantages is that they are trustless and do not require third parties like an exchange or a broker. In monero’s case, it means that the users can now swap their BTC for XMR and the other way around without intermediaries. The update has had a positive impact on the monero price last week.

XMR’s fundamentals are backing the coin’s continued growth and the data from Messari shows a notable increase in teh transactions over the past month, showing a growing demand from the users. XMR’s transactions fluctuated between 14,000 and 20,000 per day on average but in august, the number of daily transactions broke above 30,000 on other occasions. At the same time, XMR’s price volatility was decreasing gradually and at press time, Monero’s volatility hovered around 0.67 which is a far cry from the levels over 2.4 back in June.

Messari’s charts show that the Monero price surges 15%  as it was moving in the opposite direction of the volatility over the past few months. This means that the wider XMR price swings are accompanied by the price drop so a drop in volatility seems to be catalyzing the upward momentum for the price of Monero and all of these points painted a bullish picture for the privacy coin but it remains to be seen how long the rally will last.

Source: https://www.dcforecasts.com/monero-news/monero-price-surges-15-after-continuing-last-weeks-rally-analysis/