What Is Monero (XMR)
If you are an avid follower of cryptocurrency, then you must have heard of the “privacy coin”. Not all cryptocurrencies are anonymous as previously believed. Bitcoin’s transactions and addresses might not be connected to a certain user but when they use wallets and exchanges, a hacker can access their identity.
However, Monero XMR is different from other cryptocurrencies. Its developers didn’t want to have third parties access to the coin. They used obfuscation techniques to keep transaction details away from the public. Neither the origins, value, or destination of XMR transactions can be accessed publicly.
Transaction validation is done by a group of users, making it impossible to track any exact details about a transaction. They do so using a group of ring signatures.
XMR’s Current Market Status
Monero XMR price as of today is $240.17 with a 3.20% increase over the past 24 hours. It’s trading at a volume of $197,667,136 which is down by 22.61% since yesterday. It’s ranked 34th in the marketplace. You can trade XMR on several platforms such as BiONE, OKEx, Huobi Global, ZBG, and Binance.
Monero Price (XMR) Prediction 2021 and Beyond
According to Cryptopolitan, Monero price will likely continue to go up steadily. Bold predictions claim that by the end of the year, Montero (XMR) price will be around $360. This might be backed by the recent price surges of almost all cryptocurrencies. Analysts have noticed that XMR has stagnated around $260 and say that should it get past the $280 hump, it will experience a bullish outburst.
XMR experienced its all-time high ($250) this year in May but soon after had a drastic drop. This drop wasn’t unique to XMR. All cryptocurrencies experienced a dip because the largest crypto coin, Bitcoin, was also going through a slump.
According to Walletinvestor.com, XMR isn’t a high-risk investment. It used its state-of-the-art technical analysis tools to put investors’ minds at ease. In the long run, XMR will be a lucrative investment due to its potential among the current cryptocurrencies in the market.
There is fear that because of its decentralized nature and anonymity features, criminals might take advantage over the next few years. Despite these fears, forecasts predict that in 5 years, Monero XRP might be worth around $900.
The Implications of Monero (XMR) Price Prediction
Nobody can deny that Monero XMR is a self-running cryptocurrency. Most of the positive implications of XMR predictions come from its anonymity feature. Nobody can trace any user using the coin and more so, the government. Its non-static surging keeps transaction fees low regardless of the demand.
However, there are also a number of negative implications XMR faces. The most significant is its securing pattern that keeps it accurately tied is hard to use compared to those of other cons in the market. This hinders developers from using it in their projects which affects its growth.
Its individuality is a blessing but also a curse because it deems making applications using its blockchain impossible. This doesn’t affect bitcoin because it’s very adaptable to developers’ needs.