Privacy Focused Crypto Monero Surges 20% Upon Roll Out of Atomic Swaps Facility
The pricing of Monero (XMR), a decentralized anonymity focused crypto, increased by 20% in response to the debut of the Atomic Swap deployment. Atomic Swaps enable the transfer of two cryptocurrencies without the need of an intermediate.
In the context of Monero, Atomic Swaps will enable the exchange between Monero and Bitcoin without the involvement of a trusted intermediary, for instance an exchange firm. With Atomic Swaps, either both parties get their money, ending in a win-win scenario, or nothing occurs and nobody really loses.
“These swaps are termed ‘Atomic’ because there are only two potential implications: either the transaction is successfully performed and each trader gets the other trader’s money, or nothing occurs and both traders retain the assets they began with,” ErCiccione, a Monero Project contributor, said.
Monero stated that the Atomic Swaps are currently operational on August 20th. The Atomic Swap deployment was created by the COMIT groups, according to the statement. Following the announcement of the introduction of the Monero Atomic Swaps, XMR gained ground. The cryptocurrency rose from $265 on the day of its debut to an intra-week peak of $331. Monero has risen from 30th to 28th first place in terms of market capitalization in the past few hours. According to data, XMR presently has a market capitalization of more than $5.7 billion.
XMR, on the other hand, has dropped 2.56% in the past 24 hours and is now trading at $318.54. Likewise, the 24-hour trading volume of Monero’s XRM has dropped by 30.89%. As per Monero core team, it is now simpler to sell Bitcoin for Monero than it is to exchange Monero for Bitcoin. Those curious in Atomic Swaps must first download and install the asb program, then follow the directions.
COMIT and Farcaster are the two teams collaborating on the creation of Atomic Swaps, according to the statement. The Monero team issued a warning: “Note, this is fresh technology and may include unforeseen flaws. Take precautions and only experiment with tiny amounts.”
In addition to its outstanding performance, XMR has increased by over 50% in the past 30 days. The 30-day increase was driven by the current positive trend in the cryptocurrency market. For the foremost time in almost three months, the total worth of all cryptocurrencies in circulation reached $2 trillion two weeks back.
Since the start of 2021, the total value of the cryptocurrency market has increased significantly. The cryptocurrency market was valued at $1 trillion in January. Nevertheless, on May 11th, the market surged to $2.6 trillion before the market collapse that impacted the whole crypto sector.