Monero is a cryptocurrency built on a blockchain technology. Monero is used for sending and receiving payments. Monero’s technology is completely different from that of bitcoin and it was built with the intention to improve on the lack of privacy that BTC has. During Monero transactions, the information of both sender and receiver remains private. Each Monero transaction is also unlinkable, untraceable and private.
Current status of Monero
Monero is currently worth $49.46 USD (UTC time 05:11). It is standing at the 13th position in the cryptocurrency market. Its current market cap has a trading value of $832,136,811 USD. At present, 16,825,665 XMR are in circulation. Compared to its yesterday’s price, the value of Monero (XMR) has been increased by 0.10%; it is currently following a bullish trend line.
Price analysis of Monero on the basis of Monero charts
On the basis of the above chart, the current price of XMR is $49.57 or 0.01279555 BTC (UTC time 05:16). Its present market cap has a market value worth of 834,063,508 USD. Its current 24h volume is 68,759,173 USD. The same chart shows that the price of XMR, nearly 1 month back, was 43.48 USD. So, within this one month period, the price of XMR has been hiked by 14%. A price range of XMR in this one month period has been on a bullish trend with a good support level of 42.71 USD.
Future price predictions of XMR
According to the prediction of Wall Investor, the price of XMR can be around $638.73 in one year. The crypto analysts predicted that by the end of 2019, XMR can touch the mark of $350-$400. Based on the privacy feature of Monero, it can be one of the top 3 performing cryptocurrencies in this year, as predicted by Oracletimes. By December 2020, the price of XMR can be around $810- $945. According to John McAfee, a renowned cryptoanalyst, XMR can have the ability to challenge bitcoin after 5 years from now and its value will significantly increase at that time.
Considering all the above predictions, we assume that in the upcoming days, the XMR price will be mostly on the higher side and it can be a very good option for the long term investment.
Let’s sum up
Monero’s performance in 2018 was strikingly amazing and this is one of the significant reason why many investors have high hopes from this crypto. Cryptocurrencies with highly experienced developers and best technologies have the potentials to raise their value substantially in the future. Monero is definitely one of these cryptocurrencies as it has strong security and privacy concerns, upcoming technological improvements, excellent track record, and regulations. Apart from these, its future price range as analyzed and discussed above will have the propensity to be on the higher side so, all these are indicating that this crypto is definitely a good choice for long term investment.