Monero is best known for being a go-to cryptocurrency for those who appreciate privacy and security. It has shown decent performance even in bear markets. Should you rush to convert your BTC to XMR? Let’s review the crypto and find out.
Monero Fundamental Analysis
Monero is an open-source, privacy-oriented cryptocurrency. It means that it runs on a public, distributed ledger. Yet, it relies on privacy-enhancing technologies that help its users keep their data secure and make transactions anonymous. Also, Monero is fungible, which means that every coin holds the same validity and market value.
Unlike selectively transparent crypto, Monero is confidential and untraceable, which makes every user anonymous by default. Monero allows to conceal:
- Sender’s identity
- Recipient’s identity
- Crypto amount
Monero was introduced in April 2014, and it has had much progress since its launch. For instance, these days Monero offers many perks for its token holders, which include a lightweight wallet, loyal client programs for keeping funds, and more.
Latest Monero News
While many privacy coins are under scrutiny because of US regulations, it seems that the legislation novelties have not caused a severe Monero downtrend. Yet, it is vital to keep an eye on further regulatory changes regarding crypto transfers.
Monero has recently made a successful network upgrade, which made it more private and efficient — with ringsize 16, Bulletproofs+, and view tags. They prove once again that privacy and fungibility are the pillars of this crypto project. This encourages users with a focus on privacy to re-establish their belief in the reliability of Monero.
Since the launch of the Monero project, its token has been competing hard against its rivals on the market. Despite this, its market value managed to gradually rise from $1 to a peak price of $517.62 on May 7, 2021. By the end of May 2021, the price fell below $300. In the first quarter of 2022, the crypto market showed signs of recovery, driving XMR’s price to about $260. In May and June 2022, the value of XML dipped below $120.
Despite the dropbacks, the current price of Monero is $130, and the overall trend is stable. Its market cap is $2.4B with a circulating supply of 18.20M XMR.
XMR Price Forecast
Let’s see how the crypto market will accept Monero in the future. We’ll look at crypto predictions from several analytical platforms to form a comprehensive picture of XMR’s future value.
WalletInvestor believes that the coin will cost $164 in a year, which is not a very drastic change for the coin. However, in five years, we can witness the coin breaking the $300 mark and reaching $316 in December 2024.
According to PricePrediction, the average price of Monero is going to be $217 in 2023. In five years, it is expected to peak at $915, or even break the $1,000 mark if things go well for the project and the market as a whole.
DigitalCoinPrice does not see the coin breaking past $400 in 2023. By 2027, however, XMR could be traded at as high a price as $729.
As you can see, the crypto future is foggy, and the forecasts vary. Based on today’s data, we can expect XMR to gradually rise in value up to 2027, so hodling is a good strategy. However, you can also try to profit from small price fluctuations. Just make sure you stay true to Monero’s privacy features and choose a reliable anonymous exchange — https://godex.io/.
Is Monero Worth Investing in Now?
Deciding on whether investing in Monero is worthwhile depends on your risk tolerance and the sum you are ready to invest. In general, XMR shows a stable annual uptrend, with a growth of 70% over the year based on several forecasting experts. Also, this cryptocurrency has established a solid reputation on the market and is widely used by people who want to stay incognito. Summing it up, alongside the benefits, you may carry capital risks that no one can actually predict because of the ever-changing market nature.