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Monero (XMR) Price Analysis

Are you looking for a Monero (XMR) Price Analysis? In this article, we will give you an overview of this cryptocurrency, which is the 14th largest crypto by market capitalization.

From 2014 to the present day, Monero’s value literally skyrocketed. Its price went from $1,27 in its first days to $425 per unit in 2017, when it reached its All-Time High (ATH). Nowadays (May 2020), one XMR costs approximately $66.

Monero Prices in relation to US Dollar and Bitcoin – Source: CoinMarketCap

This crypto has such a high price for a good reason. Monerois a strong project, and the features it offers set it apart from the crowd. Although it does share some features with many big brands on the market, such as the use of blockchain technology, decentralization and fast transactions, it also offers something not every other cryptocurrency does: anonymity.

But aren’t all cryptocurrencies anonymous, you may ask? Well, not really. Let’s take Bitcoin for example: every transaction in its blockchain is stored in a public ledger that shows the hash of the transaction and the wallet address of both the sender and the recipient. It is not difficult to discover the IP address of a wallet – and, therefore, the real identity of the sender or the recipient.

Monero does not have this problem. With its advanced technology – ring signatures, ring confidential transactions and stealth addresses, – it’s impossible to discover the identity or track the activity of users.

That’s why this project has attracted so many users and investors. Although there are other privacy coins on the market – like Zcoin, Zcash, and Verge – Monero is the biggest.

Will it remain as valuable in 2020? What about the long term? Let’s check out the Monero (XMR) Price Analysis.

Monero (XRP) Price Analysis in 2020

2020 has been an atypical year for the global economy. The Covid-19 pandemic affected every single market in the world, including the crypto market.

The beginning of the year was really bullish. Bitcoin was over 10k, Ethereum was rapidly growing in value, DASH pumped 100% in price in just a few weeks, Bitcoin SV reached its ATH… and so on.

Monero was also performing really well. Its price pumped from $44 on January 1st to a peak of $95 on February 13st. Impressive!

Monero’s price since the beginning of 2020. Source: Coin360.

However, the crypto market is a box full of surprises, and things changed quickly. Exactly one month after the peak in February, the market was turned on its head. On March 13st, XMR reached $36 per unit, returning to its 2017 levels.

After that, XMR’s price started to rise again, returning to the beginning of the year values. At the time of writing this text, its price was $66 per unit.

In 2020, the Bitcoin halving has been heating up the whole crypto market. Many investors are betting that the supply shock will take BTC price to the moon, as we have seen in 2014 and 2017.

Crypto investors are always looking for other coins to invest in, both to maximize profits and to support new and exciting projects. Immediately after the Bitcoin ATH, altcoins gained a lot in value – an event known as altseason. And maybe we could see an altseason again in 2020 or 2021.

Monero will probably take advantage of this opportunity. With an established name, a well-known project and a strong community of supporters behind it, XMR is surely a good bet for a price rise.

However, do not take this as financial advice! This is just our opinion. As we have seen, crypto is an extremely volatile market. Do your own research before investing in it.

Monero (XRP) Price Analysis – Long-Term

In the long-term, Monero’s price growth depends on wider adoption of its technology.

Will people use it in their everyday lives? Will investors support its further development?

It’s hard to say. What sets this coin apart is the anonymity it can offer. Privacy seems to be one of the main technology trends at the moment, so this coin has a solid competitive advantage.

After all, anonymity is an evergreen market – there always will be thousands of people around the world who care about the privacy of their online transactions.

On the other hand, Monero should be able to compete with other cryptocurrencies and with fiat money. Other coins may begin to offer the same level of anonymity in the future. In that sense, Monero’s team should continue innovating – creating new possibilities, increasing transaction speed, anonymity, security and so on.

So far, it’s going well. Monero’s team is always updating the coin, and after six years on the market, its technology has proven to be safe and effective. Its main proposal – “With Monero, you are your own bank” – remains really powerful and disruptive, especially in the context of great distrust of traditional financial institutions. If Monero’s team keeps up the good work, the coin should continue to grow in the next years.

That’s why it’s so important to always follow the market and the latest updates on your preferred cryptocurrency. Check out our article on long-term investing to get some insights on how to do it.

Conclusion

Monero seems to be a good bet both in the short and in the long-term. Even in a scenario of big uncertainties in the global economy, this privacy coin has showed signs of great strength, rapidly returning to its pre-pandemic value. In the next years, as the demand for anonymity increases, Monero could have a lot of growth potential.

If you would like to exchange Monero for any other kind of crypto, or the other way round, you should check out the Cripto InterCambio website. We give access to over one hundred kinds of crypto, with anonymity, no commissions and no limits. Our powerful algorithm looks for bids and asks on dozens of crypto exchanges in the world, always offering the best price. See you!

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