The Monero price (XMR/USD) has seen a massive surge in the past 24 hours, which has helped the coin to shatter its previous all-time high of $214.28.
After surpassing the November 29 record yesterday, the privacy-focused coin continued it rapid advance and eventually closed the session at $269.48. Today Monero has reached new highs, rising above the $300 mark and notching up a fresh record of $316.67. According to data from cryptocurrency tracker Coinmarketcap, the Monero price is currently hovering around $310, having gained more than 27% in the past 24 hours.
The Monero price hike followed yesterday reports in the media that 45 musicians and five online store will be accepting the cryptocurrency this holiday season and offering discounts to customers paying in XMR. The initiative, dubbed Project Coral Reef, has been backed by big names on the music scene, such as Judas Priest, Scorpions, Roger Waters, Mariah Carey and Sia, among others.
Project Coral Reef is the brainchild of serial entrepreneur Naveen Jain and Monero’s lead maintainer Riccardo “fluffypony” Spagni. It is aimed at elevating “the awareness and viability of using Monero in everyday consumer transactions”.
“One of the big challenges I see with cryptocurrencies is lack of acceptance,” Jain said, as quoted by Forbes. “There’s a really significant Monero community that doesn’t have a lot of opportunity to spend their Monero on things that are really cool and exciting. This product solves that problem. There’s also a challenge of just raw awareness of Monero, so it’s the start of that initiative.”
In today’s trading the Monero price stood at $307.31, as of $15:30 GMT. The cryptocurrency has gained 25.3% in the past 24 hours and currently has a total market capitalisation of $4.75 billion.
For further information on how to buy and trade Monero, see our comprehensive Monero guide.