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At the beginning of 2017, most 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 12th position with a market capitalization of $ 1.96 B and trading at $ 115.15 resistance levels.
Recent Updates On Monero
Impact Of Bitcoin, Monero & Ethereum’s Presence On Reddit
The Pacific Northwest National Laboratory (PNNL) measured the speed and scale of discussions related to three cryptocurrencies, bitcoin, ethereum, and monero, on Reddit. Bitcoin posts took an average of 11 minutes to start gathering comments. While Monero & Ethereum took an average of 20 minutes and 27 minutes, respectively, for the discussion to kick off.
JPMorgan Introduced Confidential Transactions Similar To Monero
JPMorgan and Chase Co. developed a privacy feature which is compatible with smart contracts platform. This new feature is similar to Monero’s privacy. Also, it will hide the sender and the receiver’s details but keep the amount that’s transacted transparent. The new payment mechanism is called Zether. It is compatible with Ethereum and more smart-contract platforms.
SimpleFX Adds Monero Accounts
SimpleFX released Monero and Ethereum Classic transfers. Similar to other crypto accounts, they are also available free of charge. SimpleFX traders can now deposit and withdraw money using seven different cryptocurrencies: Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, and Monero.
Vitalik Buterin’s Research On Monero’s Privacy
Vitalik expressed his interest in incorporating privacy features in Ethereum. He is partial to the ZK-SNARKS technology used in Zcash. His senses appear keen about any developments surrounding privacy protocols.
Monero Lead Developer Helps To Discredit Craig Wright
Jameson Lopp had published an op-ed on Bitcoin Magazine where he discredited Craig Wright’s claim of being Satoshi Nakamoto. A number of people copy pasted the article on other websites so that the UK and Australia people can read the article. Riccardo Spagni also created several copies of the article, so people can read it.
A Ledger Monero users got affected by a bug in the Ledger Monero code. Due to the bug, few f transactions were erroneously constructed and the wallet was not able to spot the change, thereby making the user believe their funds were lost. But, Monero along with the Ledger team were able to resolve the bug and helped to recover the ‘lost’ funds of the affected users.
Users can now froze and thaw Monero outputs.This is useful if user receives funds from unknown adversary that you don’t want to spend
Monero, successfully underwent a hard fork on 9th March, 2019, resulting in a hash rate plummet of over 80% and a purge of ASIC miners from the network.
On the 10th of March Monero successfully upgraded its Protocol. Binance revealed to have added two Monero trading pairs: XMR/BNB and XMR/USDT.
Satoshi aka Craig Wright claimed that he could ruin this “criminal coin” and another essential privacy-oriented coin, ZCash (ZEC) as well. He also told CNBC that he knows how to destroy XMR and ZEC. He also said that he is going to expose these coins sooner rather than later.
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, 2700% of 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 till 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 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 agree 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, Johm 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 depends 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 the investors do a 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.