Monero remains one of the top gainer cryptocurrencies since the beginning of the year 2020. As of present, the coin is up almost 50% Year-Till-Date (YTD) among many others which are trying to keep their heads above water.
As a major feature of the crypto sphere, every cryptocurrency must present evident use cases and exhibit clear characteristics that make it unique from others. For Monero, security and privacy are the answer to these top queries.
Many Monero enthusiasts are flooding the internet with curiosities of future prospects for Monero. As a response to these requests, this Monero price prediction piece will walk you through the ups and downs as well as the intrinsic information needed to answer the question “What is the future price of Monero” quite well and simply.
What is Monero?
Monero (XMR) is a well-known open-source digital currency. It was created in April 2014 and concentrates on fungibility, privacy and decentralization. Moneyo is known to utilize an obfuscated public ledger, which means anybody can publish or deliver transactions. However, no external viewer can predict the source of such transactions, its amount or destination. Monero utilizes the Proof-of-Work consensus to allocate new coins and compensate miners in order to secure the system and verify transactions.
XMR with its own block explorer appeared to exhibit all these features and with a high level of anonymity. Monero was coined out to be the most preferred coin of traders and Cryptocurrency beginners. XMR price has shown rapid growth and in the times when bitcoin and Ethereum add values to investment, monero aims to be another great choice.
Monero Price Today
Within the last 24 hours, the price of Monero has gained a little above 1%. Starting off at the $65.75 level, there has been alternate buying and selling pressures altogether working to equalize the price at $66.20.
An intraday price swing plummeted the price towards $65 by the bulls were also relentless in taking turns. An immediate price surge brought about a return above $66.5.
However, sellers seemed to be prevailing since the last short bull run. There’s been a progressive price decline which broke critical support at $66.0 but prices are still contained within the perimeter.
Currently, XMR is in the 12th position with a market capitalization of $1.10 billion and a 24-hour trading volume at $61.1 million. Monero is trading at resistance levels. With privacy being the major factor in XMR trading, Monero is changing hands frequently. As a result, there is a constant upheaval in XMR price.
Monero (XMR) Technical Analysis
As noted earlier, Monero was introduced in 2014. 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.
Monero saw a major price surge in the second half of 2016. The coin had surged suddenly to $14 by September of the year. Eventually, a 2700% increase in the price.
Then, by the last quarter of 2016, beginning in October, Monero experienced a progressive price increase which escorted prices towards its first $50 by late November. In December, however, Monero continued its gain spree by adding a couple of units more.
Entering 2017 with a $60 price tag, Monero refused to bow to the immediate bear markets that saw other major cryptos plunging as early on into the year as possible. By the last quarter of the year, the top cryptocurrency had touched a new milestone at $100. In October however, the price crossed $200 in one-way bull traffic that later propelled it through $300 in December. In the market capitalization of cryptocurrencies jumped from $19 billion in January 2017 to $795 billion in January 2018. Eventually a growth of over 40000%.
By January of 2018, prices had crossed $500 to record its All-Time-High price near $600. However, before the end of the first quarter of the year, a massive bear market began to set in and prices had dropped to $200 in March.
Consecutive buying and selling pressures, altogether bearish in the long-term crashed Monero’s price towards $45 by the end of 2018. Monero hardly scraped through the 2018 crypto winter which took altcoins under its radar.
Monero (XMR) was trading at around $46 in Jan 2019. Its price rose, managing to peak at about $120 by mid-June. However, that was as good as it got for the privacy-focused cryptocurrency. The second half of the year saw a slow decline with XMR ending the year at around where it had begun.
XMR Price Prediction 2020
Year-Till-Date (YTD), Monero is still in sweet blues. Gaining around 50% until now, the cryptocurrency is still among the few to retain its 2020 Q1 gains.
Starting off at around $30 in January, the top cryptocurrency initially managed a breakout of the $60 resistance very early on into the year. Already recording 50% gains in mid-January, the buyers launched another major assault in which the price surged towards $100.
However, by the middle of February, a turning point appeared when the bears took advantage to drag the price lower. Initial success brought the price to $80 and by early March, prices were already trading at $60 again!
Towards the ending of the first quarter in March, another major bearish assault saw prices crash towards $30 where the bulls took turns again. Ever since, there has been a progressive bull run which has doubled the price until now.
While the long-time forecast is considered, a wide range of predictors agrees with each other. WalletInvestors provide us with a bullish $100 prediction by the end of the year 2020.
Monero (XMR) 2021 Price Prediction
In 2021, prices may surge as high as $150 per unit of XMR. This is in the light of various development and inbound adoption expected of Monero in the next one to two years.
Monero Price Prediction 5 Years
The future agenda for Monero pertains to various probable features that will improve the Blockchain utility along with Monerotrade and MoneroChat. Essentially, the modifications in price being sure of on the improvements in utility, adoption, and user sentiment. Ultimately, Monero will proceed to improve surpassing $350 in 5 years.
Monero (XMR) Market Prediction
- Cryptoground makes a prediction that the XMR price will reach $82 by the end of 2020.
- Trading Beasts, in their XMR price prediction, makes a call that Monero will fall down to around $57 by ending of 2020.
- Longforecast predicts that by 2020 end, XMR will be $97.
- Also, according to the data increase, Monero may reach $100.
Monero (XMR) Influencer Prediction
One of the popular experts and prominent member in the cryptocurrency market, John McAfee also predicted that Monero has the probability to dispute Bitcoin as a dominant cryptocurrency. The production does not contain any figures, however, similar to any other price prediction, this may or may not be true. Although, it also implies that experts also believe in Monero.
Our Monero Price Prediction
We make reference to a list of multiple inbound developments for the Monero community, we believe the cryptocurrency XMR will surge to around #100 by the end of 2020.
However, coin popularity, and utility boost adoption, Monero is also expected to make further gains into the future. As such, prices may touch as high as $300 in two to three years.
Monero (XMR) Recent Updates
- Monero GUI 0.16.0.0 ‘Nitrogen Nebula’ released
This delivery includes:
Simple mode: node selction algorithm enhanced
UX: show estimated transaction fee
UX: add update discussion with download and verify functionality
- Another privacy-enhancing technology added to Monero: Dandelion++
The Pull Request which adds Dandelion++ has been merged. This newly added inclusion modifies the way transactions are procreated to the system, making it much tougher to link a transaction to an IP address.
- Migration of the monero-site repository from Gitlab to GitHub
The repository of the Getmonero.org website was migrated from Gitlab (https://repo.getmonero.org/monero-project/monero-site) to GitHub (https://github.com/monero-project/monero-site). All issues and pull requests should now be opened on GitHub.
- Europol Stamps Monero as Invincible
As noticed earlier, Monero is noted as a private coin which is hard to trace. In a current cybercrime analysis, Europol, The European Union Agency for Law Enforcement has alleged that Monero cannot be tracked and it is indeed invisible. Although this instigates interest as XMR can be used for immoral goals; the event indicates that Monero is nothing but a private Bitcoin.