Monero Transaction Count spiked 287% in 2020
Reflecting the rapidity of the XMR price, the Monero transaction nearly tripled in 2020, rising 11 percent in December to 12,940 on Dec 30 according to data from CoinMetrics. At spot rates, the XMR price is trading at near 2020 highs of $150, adding 10 percent in the last week of trading.
The uptick of transaction count and price accompanies the surge in crypto prices and the crackdown by some regulators on privacy coins. While there are skeptics, arguing that the rise in transaction count is because of a dump down by European holders, that prices are steady and the developer community continues to innovate, adding features is a sign of confidence in the project. Already, a month after project Farcaster commenced, the team has provided an update of their planned atomic swapping between Monero and Bitcoin.
Impact on the XMR Price:
Bullish. Transaction coin points at network activity, a useful metric when assessing the utility of any public blockchain project. With more users advocating for more privacy despite a blockade by regulators, Monero and similar projects will gain traction, even surpassing expectations.
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