Cointelegraph Team
Cointelegraph
Monero (XMR), the largest privacy-focused cryptocurrency by market capitalization, has posted a 20% price surge following the launch of the Atomic Swap implementation program last week.
On Friday, the Monero Project officially announced a rollout of the Atomic Swap implementation developed by the cross-blockchain protocol COMIT, aiming to simplify trades between XMR and Bitcoin (BTC).
Following the launch of Monero Atomic Swaps, XMR has seen a notable surge, with its price rising from around $265 on the launch day to an intraweek high of $331. At the time of writing, the privacy-centric cryptocurrency is trading at $318, down around 2.4% over the past 24 hours, according to crypto tracking website CoinGecko. Following a solid bullish trend on major crypto markets, XMR is up over 50% over the past 30 days.
Source: CoinGecko
Monero Project contributor ErCiccione said that the newly introduced swap deployment is a brand new technology that allows users to exchange BTC and XMR without relying on a trusted third party like a cryptocurrency exchange. “These swaps are called ‘atomic’ because they only have two possible outcomes: either the trade is successfully completed and each trader receives the other one's funds, or nothing happens and both traders keep the funds they started with,” he explained.
According to the announcement, users can now proceed with testing out XMR Atomic Swaps by downloading the COMET-designed software. ErCiccione cautioned users that the new swaps “might have unexpected bugs,” and recommended testing with small amounts.
Launched in 2014, XMR is a major privacy-focused cryptocurrency designed to support private and untrackable transactions. At the time of writing, Monero is the 30th largest cryptocurrency by market cap, valued at $5.7 billion.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink (LINK) price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token, which powers the verifiable web of the decentralized computing platform, may have further upside potential.
Gaming token Notcoin down by almost 50% after airdrop launch
NOT experienced a rapid decline hours after its anticipated launch on Thursday, shedding almost 50% of its value. This continues the cycle of huge selling pressure faced by cryptocurrency airdrops after their launch, especially the launch of gaming tokens in recent times.
Ethereum drops below $3,000 again, spot ETH ETF sparks debate in crypto community
Ethereum again went below the $3,000 key level on Thursday after posting signs of a rally. The price action follows predictions from the community regarding the SEC's decision on spot ETH ETFs next week.
SUI price defends $0.8880 amid multiple Sui network integrations
Sui (SUI) price failed to heed to the broader market recovery on Wednesday, extending the fall to the $0.8880 support level. However, with multiple network integrations in the works, the altcoin has pivoted around this level and is scaling a recovery.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.