Monero Surges Over 50% in August, Outperforms Bitcoin and Ethereum

Monero (XMR) had its best month in over five years in August, outperforming Bitcoin and Ethereum. According to data from TradingView, XMR surged nearly 50% for the month, making it one of the biggest winners among cryptocurrencies. In comparison, Bitcoin rose around 24%, while Ethereum gained roughly 31%. This strong performance came alongside a THORChain upgrade that added native Monero swaps with Bitcoin, Ethereum, and stablecoins.

The rally also saw a wave of fresh activity in Monero's derivatives market, with total open interest reaching $319.89 million. Analysts pointed out that this surge in open interest is part of broader altcoin strength, with the altcoin dominance index excluding the top 10 coins flashing its first bull signal since 2020 and 2016.

According to Crypto analyst Michaël van de Poppe, Ethereum is expected to outperform Bitcoin over the coming month due to the potential approval of the Digital Market Asset Clarity Act (CLARITY Act) in September. However, Monero's price dropped sharply from a 12% intraday high during the past 24 hours, while the broader cryptocurrency market also dipped lower.