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

Monero is the best performing cryptocurrency among the top 100 cryptocurrencies by market capitalization in the last 24 hours.

Monero (XMR) rose above $164 on August 2, gaining around 5% on a daily basis, while the majority of the cryptocurrency market struggled and Wall Street was trading in the red.

Monero, a privacy-focused coin, has faced challenges in recent months, mostly due to increased regulatory scrutiny and several exchanges refusing to list its native token. Despite this, XMR continues to rank among the top 100 coins by market cap and is currently ranked 27th with a market cap of $2.9 billion.

XMR rose to $175 in July

Monero’s price rose to $175 on July 26, then declined over the next few days as weakness across the cryptocurrency threatened bulls. When Bitcoin fell to levels close to $62,000 on August 1, XMR reached lows of $150, its lowest price since July 8.

XMR reached an all-time high of over $542 in 2018.

XMR is trading below the $180 peak reached in mid-June, but its rise above $160 on August 2 came on the back of positive news for the privacy-focused cryptocurrency.

Earlier in the week, the Monero team announced that they were working with Cake Wallet, which does not provide custody for Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), to bring Monero to the Keystone Hardware Wallet.

Open-source hardware cold wallet provider Keystone confirmed the collaboration.

News of the exchange delistings affecting XMR has been met with positive community response to the latest development. Keystone has announced plans to become the first hardware wallet to support the native Monero Mnemonic Seed, further solidifying community trust.

Monero also recently saw adoption, with a New York grocery store accepting XMR as payment from its customers.