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

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 while Wall Street traded deep in the red.

Monero, a privacy coin, has faced challenges in recent months, mainly 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 rose to $175 in July

Monero’s price rose to $175 on July 26 before dipping over the next few days as weakness across crypto threatened bulls. 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 that they were working with Cake Wallet, a non-custodial for Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), to bring Monero to the Keystone Hardware Wallet.

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

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.