Monero (XMR) Can Hit A New All-Time High Following Major Developments

Various cryptocurrencies have noted strong uptrends over the past few weeks. Whereas some currencies got more attention than others, Monero has kept on gaining value. A new all-time high XMR price remains within reach thanks to prominent ecosystem developments.

Monero Blows Past $500

It is always interesting to see how individual cryptocurrencies perform. Not every project receives the attention it needs or deserves in this industry. Monero is a project few people seem to talk about, yet the currency has surpassed $500 again in relatively quick succession. Doing so puts XMR within striking distance of a new all-time high, as the last one dates back to over three years ago.

The privacy and anonymity aspects of Monero have always attracted a certain crowd. It now appears that more and more people are paying attention to this ecosystem, as it provides features and benefits other cryptocurrencies cannot. However, it is equally important to look beyond the price to figure out what may be happening behind the scenes.

Various XMR Wallet News

It would appear the past few days have been exciting for Monero wallet enthusiasts. A new web wallet service, known as TechWallet, has been launched to the public. It is not a traditional solution but more of an educational resource hooking into the testnet. No activity occurs over the mainnet, creating a safe learning and experimentation environment. 

The second bit of wallet-related news comes from the Cake Wallet team. First of all, the team is hiring a Flutter developer for a full-time position, indicating some further developments and upgrades may be on the horizon. The salary will be paid in XMR, further increasing the appeal of this project and the Monero ecosystem.

Speaking of Cake Wallet, the team shares crucial statistics regarding its mobile installations over the past month. A healthy 23% increase for Android and a 40% improvement for iOS confirm demand for XMR exposure is heating up. Mobile wallet solutions are essential to cater to the needs of many, as the next generation of crypto enthusiasts will likely favor this approach. 

RandomX Rust Implementation

Monero enthusiasts will be familiar with the RandomX implementation. As this technology has now been implemented in Rust – bar some limitations – the ecosystem enters its next stage of evolution. There is still work to be done, however. Mining is possible, although not in a competitive manner. 

Moreover, there are a few computation bugs that will need to be addressed in the future. It is now up to the community to experiment with the open-source code and report any potential bugs they encounter.

All of the developments above indicate a lot is happening behind the scenes of Monero lately. Whether that means the price will stay above $500 or even hit a new all-time high is a different matter. Cryptocurrency markets rarely behave rationally, yet that is part of what makes them exciting. 

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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