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At the beginning of 2017, most of us believed that cryptocurrency was all about Bitcoin and Ethereum. But as the days passed by, a lot of progress was seen in the crypto market. The market capitalization of cryptocurrencies jumped from $19 billion in January 2017 to $795 billion in January 2018. Eventually a growth of over 40000%.
During this period many new cryptocurrencies originated in the market, wherein Monero was also the one. Monero just outperformed in 2018, also there are lot more expectations in the upcoming years.
Monero Price Today
Currently, XMR is on the 13th position with a market capitalization of $ 938.85 M and trading at $ 54.13 resistance levels.
What Is Monero?
Monero is a digital currency built on Blockchain technology. The cryptocurrency was built in 2014, with the aim to focus more on the privacy of transactions, which was lacking in Bitcoin. Whenever a Monero transaction takes place, the user’s identity remains private. Similar to the physical transaction, each Monero transaction is also private, unlinkable, and untraceable.
Moving further, let’s detail about how did Monero perform historically since its origination.
Historical Price Trends
During its initial two years, Monero didn’t see much success. It was around mid-2016 and 2017 when the coin performed brilliantly. The coin which was $12 during January 2017 reached greater heights of $494 in January 2018. Also, along with various other cryptocurrencies, the price of Monero also saw a gradual decrease since January 2018.
The first major rise in the price of Monero was in the second half of 2016. The coin which was trading below $1 saw a sudden increase to $14 in September 2016. Eventually, a 2700% increase in the price.
During August 2017, Monero coin again saw a huge increase to $153. Although it is difficult to predict the reason, it may be due to the announcement from the Korean-based cryptocurrency exchange Bithumb.
Monero Price Prediction 2019
The anonymous feature of Monero has helped the coin to gain good success to date. The XMR Price Prediction for the year 2019 differs from users to users. Smartereum made a prediction that Monero will reach $650. They also predict that it may reach $2000 in five years from now.
Oracletimes.com made a prediction that will be among the top 3 cryptocurrencies in 2019. Also elaborated that Monero will offer its investors up to 10x times return in 2019.
Basically, there are a lot of users who are willing to invest anonymous coins to transact them. Hence, this is the main reason why Monero is continuously gaining traction. All these factors point towards the direction that it will be a great year for Monero.
Monero Price Prediction 2020
While the long-time forecast is considered, a wide range of predictors agrees with each other. WalletInvestors provide us with the following predictions from various other sources:
- Google predicts the XMR price will reach $637.
- PayPal makes a price prediction of $419.
- Smartphone Analysis makes a prediction of $319.
- As per the internet user XMR price may reach $612.
- Also, according to the data increase Monero may reach $279.
- Longterm.com predicts that Monero price will be in the range of $554-$638 by April 2020 and will go up to $810-$945 by December 2020.
One of the well-known experts and influencers in the cryptocurrency market, John McAfee also makes a prediction saying Monero has the potential to challenge Bitcoin as a leading cryptocurrency. Similar to any other price prediction, this may or may not be true. But, it also indicates that experts also believe in Monero.
Monero Price Prediction 5 Years
The long-term plan for Monero involves various potential features that will increase the Blockchain utility along with Monerotrade and MoneroChat. Basically, the improvements in price depend on the improvements in utility, adoption and user sentiment. Eventually, Monero will continue to increase exceeding $500 in 5 years.
Being aware of a list of upcoming features in the future, Monero may reach a trading value of $100 by the end of 2019. Also, it always appreciated that investors do proper research before investing in any cryptocurrencies. As all of us are aware that the crypto market is quite volatile and the investors need to be prepared for the worst cases in the future.
- Monero Added As A Payment Option On Travala
The cryptocurrency which is well known for its privacy and anonymity, Monero is now listed on Binance’s Margin Trading Platform and available to trade with the automatic trading software Bitcoin Profit. Monero is now added as a payment option for a blockchain travel platform, Travala. The announcement read:
- GIMP May Adopt Monero After The Bitcoin Addition
An open-source photoshop alternative is GIMP whose functioning is fluid. GIMP accepts Bitcoin which impacts that they may soon adopt XMR in the near future. The announcement read,
- According to well – known crypto enthusiasts Max Keiser, only two cryptocurrencies and have great prospects – Bitcoin and Monero (XMR).
He claimed that
I do not know how bitcoin will cope with this (with competition), but if it does, then of all the confidential coins, only monero will lead. in fact, we will have a system in which bitcoin and xmr will act as the leading cryptocurrency
- Recently, The platform released CLI v0.14.1.2 ‘Boron Butterfly’, which is a minor point release with mostly bug fixes. This release essentially merely contains bug fixes for the bugs found in CLI v0.14.1.0
- Monero Futures Trading Now on BTSE Exchange.
The Monero Futures 2.0 provides more liquidity as it gives investors the opportunity to apply different techniques while trading. The XMR Futures gives users a flexible, customizable, and personalized experience. BTSE Exchange is the first exchange to provide Monero Futures trading.
- Monero upcoming hard fork
Monero, the privacy-oriented coin is gearing up for the upcoming hard fork on November 30, 2019. Community members dEBRUYNE and ErCiccione released this information. Additionally, there was also a code freeze for October 24 and the official release of v0.15 on October 31. This hard fork will introduce a new Proof-of-Work, RandomX.