Are you one of Monero's supporters, or you want to find out more about it? Thinking about investing in the Monero coin? Then, keep reading this article to learn more about the Monero price prediction!
What is up with Monero? First of all, it is private. Monero is a secure, private, and untraceable digital currency. It is open-source, decentralized, and freely accessible to all. This coin ranks in the top 20 on CoinMarketCap making it one of the most popular coins on the market.
Monero Historical Price Analysis
Monero was launched in 2014 as a Bytecoin fork. The initial price of Monero was about $2.47 when it became available for trading on an exchange. XMR hit its all-time high of $495.84 about 3 years ago, in January 2018. Monero price reached its lowest of $0.2130 in January 2015.
Current Price, Market Cap, & Supply Details
At the time of writing, the XMR price is $148. The trading volume of Monero is $1,263,533,987.95. Currently, the market capitalization of XMR is $2,632,886,108, which makes the coin 16th in the rank of cryptocurrencies. One more important indicator which is useful for investment decision-making is the Return on Investment (ROI).
Monero’s ROI is about 5887%. This means, if you had purchased XMR at the initial price today, you would have gotten 5887% more in dollars USD. At this moment, there are 17,806,932 XMR on the market.
On the other hand, Monero is a fully private blockchain that is not always that awesome. A few days ago, a famous exchange, Bittrex, announced the decision to delist Monero, along with some other private currencies, such as Zcash and Dash. The reason for such a decision has not been announced, but this might be caused by regulations in the crypto sphere and the pressure from the FATF.
After this announcement, the XMR price has dropped from $169 to $95. From what we can see now, the XMR price is already gaining strength.
Monero (XMR) Future Price Forecast Predictions
What will happen to the XMR price in a week? In a month? In 10 years? Well, we aren't magicians (just yet), but there are some predictions that we can make, taking into consideration the current market situation, Monero price trends, upcoming development updates, and others.
Short Term Forecast
Long Term Forecast
*This price prediction is based on the data collected from various sources meant strictly for educational purposes only and not taken as investment advice. Users should do their own research before investing.
Monero Price Prediction 2021
Thanks to some mathematical formulas and technical analysis, it is possible to make a Monero price prediction. The short-term predictions are not super bullish- quite the opposite. According to the Gov Capital estimations, the XMR price will go down by 4,6% and become about 141$ by the end of this year.
Monero Price Prediction 2022
A year after this, the price will go up to 17% and will be close to $174.
Monero Price Prediction 2025
The XMR coin is estimated to reach almost $400 in four years from now. This means the price will grow up by more than 170%.
You can see that long-term predictions are much more positive. This may also be related to the lack of short market fluctuations. Although these predictions are made only based on technical analysis, it is also worth considering the technical innovations and development updates that are going to take place on the Monero network.
Having the market dominance rate at about 25%, the XMR price is related/codependent on the crypto market movements. Still, we can also say that the XMR coin price determines the market's movements to a considerable extent.
Thanks to the CryptoNote protocol that is used by Monero, the price of the coin is not supposed to be super sensitive to mining. Just like with Bitcoin, miners are rewarded when they add new blocks of transactions to the blockchain. But the CryptoNote’s stepped emission curve, which is typical for Bitcoin, has been replaced with a smooth one: the reward decreases with each block. This is done so that a sudden change in the rate of issue of coins does not have a shocking effect on the market value of the coins.
One more interesting aspect of this is that the XMR developers emphasize that the price of Monero is not that important. Most of the attention should be paid to the technology itself, but not to the price fluctuations. Discussions on the XMR price on Reddit are not allowed.
Is Monero a Good Investment?
In case you want to have a guaranteed profit from your cryptos, you should consider crypto staking or DeFi services, which will bring you a 100% guaranteed profit. The only thing is that the profit would be potentially much lower than the profit that you could gain by investing in cryptocurrencies with big price fluctuations.
Anyways, you should always bear in mind that investments are always risky. The only thing is that the risk degree is different for different assets.
According to the assumptions of the prices mentioned in this article, Monero can indeed be a good long-term investment. For example, if you invest $1000 in XMR today, you will get about $3618 in 5 years from now. Looks good, doesn't it? However, when making investment decisions, you should always consider inflation. Adjusted for inflation, the gains will be lower.
How to Buy Monero?
XMR is one of the most popular coins on the market, making it quite easy to purchase. If you already have an account on exchanges, you can easily purchase XMR on one of the most popular exchanges, like OKEx, Binance, Kraken, Bitfinex, Changelly, and others.
You can also see the tutorial on how to buy Monero here
More Information About Monero
What is Monero?
Monero, or XMR, is a cryptocurrency built on the CryptoNote protocol, an application layer protocol. This protocol deploys one-time ring signatures to provide anonymity. Mostly, this protocol is aimed at the transaction privacy increase.
What is so special about XMR? Well, Monero is a blockchain-focused on privacy and censorship-resistant transactions. Mostly, cryptocurrencies are using transparent blockchains, so all the information about transactions is open and accessible for everyone on the internet. The Monero blockchain works differently.
For Monero, the transaction amounts and all the addresses are hidden. All the transactions are always private, which means others can not tell where you have received Monero from, where you have sent it, or the amount involved.
This is also great because you do not have to think about where your Monero was used before coming into your possession; you do not have to think if it was associated with some illicit sources or not. Monero’s outputs are created in such a way that only the intended recipient will recognize them.
If you go to XMR block explorer, you might notice that the only thing you can see is the transaction hash or the operation. You will not be able to see any addresses or transaction amounts. You can see the example of the data available via a block explorer below:
Bitmonero emerged as a Bytecoin fork on April 18, 2014. The announcement was made on Bitcointalk by someone called thankful_for_today. It was announced that the coin used Bytecoin(BCN)/CryptoNote code base and was started from the genesis block. After some time, 7 people developed a fork of Bitmonero – Monero.
For a while, Bitmonero and Monero worked in parallel as implementations of the same chain. But after some time, thankful_for_today disappeared and stopped updating the code, after which Monero actually became the main implementation. Currently, XMR has a huge community and lots of supporters from all around the world.
Some people show their concern about Monero transactions' size – it is much bigger than the ones from most blockchains because of the ring signatures. According to the team, this is something to be worked out. The team is thinking about how to find a way to optimize it.
This will probably be addressed by the Layer 2 solutions introduction, but this will be decided. However, Monero has a so-called dynamic block size, so currently, most of the blocks don’t even hit the minimum block size.
Monero is an open-source project that is not run by some centralized entity. Any developer willing to help can easily do that. More than 500 developers contributed to Monero, including the core developers, which are about 30. We know only 2 developers from the 7 of the ones that created Monero – David Latapie and Riccardo Spagni.
XMR is a fascinating coin in terms of technology, mission, and creators' beliefs. The team is constantly working on development. A great thing about the development is that anyone can participate and help, proposing new chain activities or changes.
However, the coin can face difficulties with adoption. It can be caused by the complexity of integration of XMR when it comes to wallet support, for example, which makes it a bit harder to adopt. Also, this may be by regulation. But I am sure Monero will still have its supporters because they love XMR for the technology and mission.