Monero is one of veterans on the cryptocurrency market. This is an anonymous platform, which is widely used for confidential transactions. Will its price surge? What can we expect from it in the future? Find Monero (XMR) price prediction below.
What is Monero?
According to the project’s official site, Monero is a secure digital cash, which is maintained by a network of users. It features ring signatures, confidential transactions, and unseen adresses to darken origins, destinations and sums of transactions. In fact, this cryptographic currency is untraceable.
FYI: Ring signatures are created by any member in the group of users. It is not possible to determine who has created such signature.
By the way, Monero was forked in summer 2018, which led to emergence of new privacy-focused digital coin called MoneroV (XMV).
XMR Coin, Its Uses
XMR is a well-known product which is traded on the most exchanges. It is based on the CryptoNight PoW hash algorithm featuring significant algorithmic differences. This privacy-centric cryptographic currency is also used in Darknet. Its skyrocketing in 2016 (from 50 cents to 12 dollars within 12 months) was even linked by Wired with Darknet druglords activity.
XMR Price Today
The price of the coin is dependent on the general situation on the crypto market. As of 14 December 2018, in holds 12th place by market cap according to CoinMarketCap.
XMR price today is as follows:
Monero Price Forecast 2019
Factors that may drive Monero higher in the near future include:
- Monero is a well-known brand, which is widely used for anonymous transactions. It firmly holds position in top 20 by market cap and is not going to leave it.
- The coin has a long history, which prove its popularity and usefulness.
- According to Kevin Rooke, a cryptocurrency enthusiast from Toronto, the platform had 25,188 active adresses per day as of beginning of September 2018. This is a splendid indicator (8th on the market) and good sign, especially comparing with majority of cryptos on the market.
- The virtual currency is considered by some gurus as a steady participant of the crypto market. Many coins of the past years went into oblivion, but this one remained.
- There is an opinion that Bitcoin blockchain is becoming more and more transparent and for this reason it is possible the growth of strong anonymous coins like Monero.
However, there are some factors that might negatively affect XMR value:
- Policies of some exchanges (especially Japanese ones) prohibit anonymous cryptocurrencies. In the future, development of AML and KYC procedures in crypto exchanges sphere may unfavorably affect such coins as XMR.
- The market’s downcome influenced all cryptos in a toxic way. Even large-cap and long-standing inhabitants, like ETH and Litecoin suffered a lot.
- There were criminal uses of Monero, in particular, AlphaBay, Shadow Brokers, and WannaCry cases.
- As revealed by Malte Möser, Kyle Soska, Ethan Heilman et al. in their article “An Empirical Analysis of Traceability in the Monero Blockchain” (2017), some XMR transactions would be vulnerable.
Based on these factors, we assume that the price of the most well-known anonymous cryptocurrency can reach $100 in early 2019, provided that the entire market starts to grow. In general, we can assume that XMR price prediction for 2019 is promising.
Disclaimer. This information should not be treated as a basis of your investment activity. We gave an estimated figure, which may vary depending on the “weather” in the cryptocurrency market. However, the factors above may play significant role in determining the future price of Monero. We recommend users to do their own research before investing and trading.