Price Analysis

Monero Price Analysis: Will It be Able To Maintain The Market Grip?

eToro

Focused mainly on anonymity, Monero has been the first and foremost choice of those investors, whose priority is secrecy. When it comes to extension and scalability of blockchain, Monero is incompetent as compared to other cryptocurrencies. The developer team is now focused on mainstreaming the blockchain by adding features like coin exchange outlets, in-game rewards, and crypto wallets.

Monero Price Statistics:

Monero Price Chart - 5 June

eToro Crypto
  • The Monero price as on June 05, at UTC 07:27, was 85.842 USD.
  • Monero price is valued around 0.0109716 BTC.
  • The altcoin is currently holding 13th position in the cryptocurrency rankings.
  • At the same time, the MCap of Monero (XMR) was $1,452,646,252, with a Return on Investment of 3,349.60%.
  • Again, the 24-hrs trading volume of Monero was $94,639,726.
  • Additionally, the total of XMR coins that are in circulation is 17,023,189.

XMR Comparison:

On May 11, Monero (XMR) was priced trading around $78.069. But today, after 25-days, the altcoin is trading with a cumulative hike of 9.95%. If we look at the past seven day’s trading, the coin has declined by 9.41%from its earlier price mark of 94.76 USD on May 29.

Monero Price Prediction:

Riding on its strength of anonymity and security, XMR has sustained itself against the test of time. The only thing that is dragging the digital coin is its scalability issue. Looking at the current scenario and market sentiments, there is indeed a slowdown in the crypto space. However, XMR price is expected to trade around $100 mark by the end of the year.

Conclusion:

For controversial platforms like darknet and the shady transaction, Monero (XMR) is the obvious choice. In that case, the trading volume in the coin is sure to grow. However, for short term traders, the predictions are bearish. With that said, for the medium and long term, buying is the call, as the coin is going to strengthen its market grip in the future.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button