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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 10th position with a market capitalization of $ 1.20 B and trading at $ 69.01 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 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:
- Cryptoground predicts the XMR price will reach $82.
- Trading Beasts makes a prediction that Monero will fall down to $57.
- Longforecast predicts, XMR to reach $91 by 2020 end.
- Also, according to the data increase, Monero may reach $100.
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 Updates in 2020
Monero developers are working diligently to keep the XMR’s privacy features intact while providing better security. 2020 will see two major changes –
- Second-layer solutions for speed and scalability known as Tari.
“Tari will fundamentally change the way we interact with digital assets,” said co-founder Naveen Jain. “We are building an amazing team to steward the most useful decentralized platform in existence, empowering anyone to issue, manage, use and transfer their digital assets.”
- Additional MRL research papers.
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 depending on the improvements in utility, adoption and user sentiment. Eventually, Monero will continue to increase exceeding $150 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 2020. 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 a payment option for a blockchain travel platform, Travala. 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
- Monero Hardfork
Monero completed its latest hard fork on November 30, 2019. The hard fork introduces a new Proof-of-Work, RandomX. This mining algorithm is ASIC-resistant.
- Europol Stamps Monero as Invisible
As seen earlier, Monero is termed as a private coin & is hard to track. In a recent cybercrime investigation, Europol, The European Union Agency for Law Enforcement has claimed that Monero cannot be traced and it is indeed invisible. Even though, this raises concern as XMR can be used for unethical purposes; the event shows that Monero is nothing but a private Bitcoin.
- Exchanges delist Monero
In all these positive news, there is a setback for this privacy-centric coin. Bitbay Exchange has delisted the Monero coin for money laundering concerns. As said earlier, XMR can be used for wrongdoings. To avoid future incidents, Bitbay removes Monero trading from its platform.