- Monero (XMR) surged 20 percent after team announced the launch of the Atomic Swaps.
- The cryptocurrency now stands as the 28th largest crypto asset by market cap.
The price of decentralized privacy-focused cryptocurrency Monero (XMR) advanced 20 percent in reaction to the launch of the Atomic Swap implementation program. Atomic Swaps enhances the exchange of two cryptocurrencies without a third party. In the case of Monero, the Atomic Swaps will allow the exchange of Monero and Bitcoin without a trusted third party such as an exchange company. With the Atomic Swaps, either the two sides receive their funds resulting in a win-win situation, or nothing happens at all, and no one loses. ErCiccione, Monero Project contributor, explained:
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 fund, or nothing happens and both traders keep the funds they started with.
Monero records gains in reaction to Atomic Swaps launch
On the 20th of August, Monero announced that the Atomic Swaps are now live. The team said in the announcement that the Atomic Swap implementation was developed by the COMIT teams.
Following news of the launch of the Monero Atomic Swaps, XMR gathered gains. The cryptocurrency increased from $265 on the launch day, hitting an intra-week high of $331. In the last few hours, Monero has advanced from the 30th position to become the largest cryptocurrency by market cap. Data shows that XMRcurrently stands at over $5.7 billion market valuation.
However, XMR has lost 2.56 percent in the last 24 hours and currently trades at $318.54. Similarly, Monero’s XRM has declined 30.89 percent in its 24-hour trading volume.
Monero’s Atomic Swap implementation
According to Monero, it is easier to sell Bitcoin for Monero at the moment than to sell Monero for Bitcoin. Anyone interested in the Atomic Swaps is required to download the asb software and follow the instructions.
Stating that COMIT and Farcaster are the two teams working on the development of Atomic Swaps. The Monero team warned:
Remember this is brand new technology and might have unexpected bugs. Be careful and only test with small amounts.
In addition to XMR’s impressive performance, the cryptocurrency has also jumped more than 50 percent in the last 30 days. The 30-day gain was fueled by the recent bullish trend that occurred across the crypto market. Earlier this month, the value of all crypto assets in circulation hit $2 trillion for the first time in nearly three months.
The cumulative valuation of the crypto market has seen significant improvements since the year began. Back in January, the crypto market was at $1 trillion. However, the market grew to $2.6 trillion on the 11th of May before the market crash that affected the entire crypto space.