Crypto
Monero Surges 50% in August, Outpacing Bitcoin and Ethereum
Monero (XMR) had its best month in over five years, surging nearly 50% in August. This outpaced Bitcoin's 24% monthly uptick and Ethereum's 31% gains. The rally was accompanied by a wave of fresh activity in Monero's derivatives market.
Total open interest in XMR rose to $339.5 million, up 23.40% in 24 hours, signaling a sharp rise in trader positioning. Analysts flagged broader altcoin strength too, with open interest hitting its highest level since the October 10 cryptocurrency crash.
The rally also came alongside THORChain's Version 3.20 upgrade, which added native Monero swaps with Bitcoin, Ethereum, and stablecoins. This allowed users to swap XMR directly for these assets without a centralized intermediary.