As the cryptocurrency industry wears off yesterday's Tesla Bitcoin news, the Monero community is celebrating a historic achievement. According to Cryptwerk, the popularity of the coin has flourished in recent years. In May, the platform saw the popularity of the coin increase by 31%.
Cryptwerk is an online directory of companies, websites, stores and services where users can pay with cryptocurrencies. It has around 25 cryptocurrencies listed. Unsurprisingly, the most popular currencies are Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Monero, however, has been a rising star. In 2018, only 41 merchants accepted Monero on Cryptwerk. Now, it has more than 950 merchants accepting the digital asset. This has made it the 8th most popular cryptocurrency on the platform.
One of the reasons that drove the change is a better understanding of Monero. In the past, the digital asset was rejected by the privacy-focused design that associated it with illegal activities. Monero holders were considered to be involved in some kind of illegal activity, such as buying illegal drugs.
But this is not the case, while there are those who take advantage of the technology to hide their illegal activities, the function aims to offer privacy to the senders and recipients of the coin. In the modern era, where privacy is violated by most technologies, Monero aims to offer different levels of privacy, hiding balances and transaction portfolios.
Monero transactions have more than doubled
A further breakdown of the cryptocurrency directory data shows that Monero is most popular in the United States, of the total, 25% of the merchants are located in the United States. Russia is also on the rise with a 10% share, making it the second highest nation.
Business adoption growth has been supported by year-over-year transaction growth. According to a Monero blog post that reflected its performance this year, transactions grew from 10,000tx per day to 23,000tx per day. In total, Monero has registered 5,868,096 transactions between April 2020 and April this year. Monero's on-chain usage grew 202 percent in the same time period. This data supports the growth of Monero even as the digital asset loses its place among the top-ranked currencies. Monero is clearly still the most popular private currency on the market.
Monero has a market capitalization of approximately $ 7.3 billion at press time. Sitting at position 27, the digital asset has seen little change in the last 24 hours. However, it has been in constant decline, losing around 15% in the last 7 days.
Above $ 407, the token has fallen by more than 20% from the whole that ATH reached last week. Forks are looking to rally back to the current highs before making another move up.