Monero is currently the top-performing cryptocurrency among the top 100 by market cap over the past 24 hours.

On Aug. 2, Monero (XMR) rose above $164, posting intraday gains of nearly 5%, while most of the crypto market struggled amid Wall Street trading deep in the red.

Monero, a privacy coin, has faced challenges in recent months due to several exchanges delisting its native token amid increasing regulatory scrutiny. Despite this, XMR remains one of the top 100 coins by market cap, currently ranking 27th with a market cap of $2.9 billion.

XMR’s price rose to $175 on July 26 before dipping over the next few days as weakness across the crypto market threatened its bullish momentum. On Aug. 1, as Bitcoin crashed to near $62k, XMR reached its lowest price level since July 8 by hitting lows of $150.

XMR traded at its all-time high above $542 in 2018. While XMR trades below the highs of $180 reached in mid-June, the gains to above $160 on Aug. 2 came amid positive news for the privacy coin.

Earlier in the week, the Monero team announced they were working with Cake Wallet, a non-custodial wallet for Bitcoin, Ethereum, and Litecoin, to bring Monero to the Keystone Hardware Wallet. Keystone, an open-source hardware cold wallet provider, confirmed the collaboration.

In collaboration with Cake Wallet, the effort to integrate Monero into Keystone Hardware Wallet has commenced!

The news of exchange delistings impacting XMR has been countered by the community’s positive reception of the latest developments. Keystone announced plans to become the first hardware wallet to support native Monero Mnemonic Seed, further solidifying community confidence.

Monero also recently highlighted an adoption case where a grocery store in New York now accepts XMR as payment from customers.

Stay updated on the latest cryptocurrency news and trends on Global Crypto News.

Post Views: 5