Monero (XMR) Price Analysis: Monero Is Looking The Strongest On Its 5th Birthday

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Monero (XMR) is one of the leading cryptocurrencies in the global market with a special focus on the anonymity and privacy of the users. It has not any ownership by default, and it operates just like fiat currencies. The two major technologies – Ring Signature and Stealth Address are the major USPs of the currency. Ring Signature helps to conceal the authentication keys and prevents tracking the origin and destination of the transactions. And the Stealth address technology hides the IP address. This coin aims to provide a completely decentralized payment and settlement system to the global financial system.

Current Statistics-

Monero

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  • Monero (XMR) is ranked at 12th in the global crypto world.
  • It has an ROI (Return on Investment) of 2542.33%.
  • A total of 16,962,976 XMR coins are in supply currently.
  • The current market cap as on 06th May at 02:24 UTC is 1,111,315,436 USD.
  • The value of each coin stands at 65.51 USD and 0.01153234 BTC.
  • The 24h volume currently stands at 42,174,027 USD.

Comparison-

The value of each Monero coin was at 46 USD at the starting of the year 2019. It has gone through many small rough phases in the last 4 months. However, the value got its highest increment after the 1st April market boom. In just 4 days’ time, the coin increased by 20 USD. Since the last week of April, the coin’s value has been on a price correction stage. The market cap on 06th April was 1,171,072,873 USD. And the value of each token was 69.29 USD. The current market cap is 5.10 % less than the market cap of April 06th. And the value of individual token has deflated by 5.45 % in these 30 days.

Prediction-

Recently, Monero (XMR) has celebrated the 5th Anniversary of mining. On the occasion of Anniversary, Monero’s Team stated, “Monero gives you control over the privacy of your digital financial transactions. This privacy is a fundamental human right for individuals and a competitive essential for businesses.” This will have a positive effect on the future price of the coin. We predict the value to reach 70 USD before reaching a resistance. The next supply Zone should be at 100 USD, 110 USD and 120 USD. The long term outlook of Monero coin is bullish. By the end of 2020, the coins should go past 120 USD target.

Conclusion-

The short term value will be full of price variations. We advise the speculators to stay off the Monero coin and long term holding until 2020 are advised to get 100% extra of their investment.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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