Monero (XMR) is known to be the most privacy-centric currency. But lately, they are switching to new Proof of work algorithm as agreed with Armweave. The developers of XMR were trying to enable the ASIC (application specific integrated circuit) resistance, which was then questioned as an overly centralized network. This concern was raised by one of the commentators on Github platform.
With Armweave in the picture, the audit has already reached the funding level of approximately $150,000 followed by the launch of RandomX that will bring lesser intervention on the ASIC resistance platform. With Monero switching to decentralizing cycle, the price on the chart will definitely show some random runs. Traders are expected to wait and screen the chart till then.
XMR Price Analysis on 31st May 2019:
At 8:55 UTC, the Monero price is traded at $91.350 on May 31st, 2019. The market ranking of the coin is positioned at number 13 with Return on Investment at 3597%. The market cap value is 1,556,250,487 USD with 24-hour volume at 116,899,577 USD.
The month of May has shown some surprising analysis which has helped Monero coin to trademarks their shadow in the eyes of the traders. But whether short term or long-term investment will bring better profits to them is the question here!
XMR Price Comparison:
Considering a long-term investment in Monero, since the coin is always known for its privacy-centric approach, the traders were little hesitant with their decision. Considering the chart from the beginning of the year, the lowest value was traded on 4th Feb at $ 42.993, which has now shown 112% increase. The highest value, on the other hand, was realized 27th of this month when the value reached to $98.44. The value now has dropped to 7.2% (not bad, really!).
Considering these percentage, it might be a good option towards a long term investment after all.
9th May was the lowest value in this month, traded at $65.663 (still higher than the lowest of the year). The highest is the same as of year which was on 27th May. With these numbers, the short-term investment won’t burn the fingers of the traders.
But how massive trading you wish to dive in, will really help you with the better decision. Do you wish to swim for a few days or weeks only, or are you ready to adapt to the patience required for long term investment?
Monero Price Prediction and Conclusion:
Since Monero is coming out of their little shell of ASIC resistance, the surge might soften the market after the completion of the audit. Monero price probably will touch down $100 in a few weeks but closing the year with $200 is a very long short. It might not even be practical to quote the same. But whether XMR will face some sour tasting after the audit or will invite more traders on the plate will be seen soon enough.
Commentators are ready to poke the results after the audit completion. Monero will be entering the new era!