Monero is an open source cryptocurrency, whose main focus lies on being completely anonymous – untraceable and private. Bitcoin’s transactions are traceable, but Monero’s can be fully anonymized like fiat currencies. It is a fork of Bytecoin, the original privacy token. It uses ring Signature and stealth addresses to conceal the origin, the amounts being transferred and the destination of all transactions. This ring signature masks the randomly generated authentication keys and helps to keep down tractions information to only pertinent data. It facilitates the ability to verify the traction in person both by the senders and the receivers. Monero’s community upgrades its network often to remain ASIC resistant.
According to Coinmarketcap, the mcap value of the cryptocurrency is being traded at USD 1,213,516,362, and its corresponding price per coin amounts to 71.78 USD or 0.01373893 in BTC value, for the 24h volume of $101,244,552 on April 08 at 14:59 UTC. The current circulating supply of coins sums up to 16,905,454 XMR. Based on this data, Monero is ranked the 13th largest cryptocurrency in the market. The approximate return on investment for this cryptocurrency is calculated to be 2,804.64%.
Market Trend Analysis
Monero’s market capitalizations and the trading price have been stable with a moderate increase in values. The Mcap value has been majorly at around USD 900 million and 1000 million. April 2019 has been an ascending period for almost all the cryptocurrencies with sudden booming in trade values and pricing movements. The Mcap value of the cryptocurrency traded at USD 937,265,873 along with its trading price of 55.49 USD on April 01 at 03:59 UTC. The values surged up by 29.97% concerning Mcap values, reaching a high of USD 1,218,193,075 and by 29.93% with the pricing of the token reaching 72.10 USD on April 04 at 02:59 UTC. The current market shows a rise in values, after the downfall from its peak price. The rise in the market gives the bulls an upper hand.
XMR’s Price Estimation
The long forecast predicts that the price of XMR would rise to 554- 638 USD by April 2020 and further increase to 810-945 USD by the end of the year. Cryptoground also believes that Monero would reach 118.02 USD by the end of 2019 and by the end of 2023, there are possibilities of XMR reaching 496.82 USD. Coinswitch also estimates a hike in price to 1397 USD by the end of 2023.
The volatility of cryptocurrency affects market values. The current trend suits the traders the best. Investors with long term plans will have to observe the market and invest once there is a stable growth in the trading values.