Monero remains one of the top gainer cryptocurrencies since the beginning of the year 2020. As of present, the coin is up almost 50% Year-Till-Date (YTD) among many others which are trying to keep their heads above water.
As a major feature of the crypto sphere, every cryptocurrency must present evident use cases and exhibit clear characteristics that make it unique from others. For Monero, security and privacy are the answer to these top queries.
But what can we expect from Monero in the future? Will the XMR price surge or plunge in 5 years?
In this Monero price prediction article, we will look into the journey of future price prediction and its possibilities. Let us look into detail in this Monero price prediction now.
Table of contents
- Cryptocurrency: Monero
- Token: XMR
- Market cap: $2,94,75,99,863 USD
- Circulating supply: 1,78,13,581 XMR
- All time high: $495.84 USD (Jan 07, 2018)
- All time low: $0.212967 USD (Jan 14, 2015)
What is Monero?
Monero (XMR) is a well-known open-source digital currency. It was created in April 2014 and concentrates on fungibility, privacy and decentralization. Moneyo is known to utilize an obfuscated public ledger, which means anybody can publish or deliver transactions. However, no external viewer can predict the source of such transactions, its amount or destination. Monero utilizes the Proof-of-Work consensus to allocate new coins and compensate miners in order to secure the system and verify transactions.
XMR with its own block explorer appeared to exhibit all these features and with a high level of anonymity. Monero was coined out to be the most preferred coin of traders and Cryptocurrency beginners. XMR price has shown rapid growth and in the times when bitcoin and Ethereum add values to investment, monero aims to be another great choice.
Monero (XMR) Technical Analysis
In 2014, Monero was launched. Monero did not see much success during its first two years. The coin behaved brilliantly in mid-2016 and 2017. The coin that was $12 in January 2017 hit the height of $494 in January 2018. In comparison, the price of Monero also saw a steady decline since January 2018, along with numerous other cryptocurrencies.
In the second half of 2016, Monero saw a big price spike. By September of that year, the coin had unexpectedly soared to $14. Then, Monero underwent a gradual price spike in the last quarter of 2016, starting in October, which escorted rates into its first $50 by late November.
Hitting 2017 with a $60 price tag, Monero failed to bow to the immediate bear markets, which saw most big cryptos plunging into the year as early as possible. The highest cryptocurrency had touched a new high was at $100 by the last quarter of the year. However, the price reached $200 in one-way bull traffic in October, which later propelled it in December to $300.
Prices had reached $500 by January of 2018 to record it’s All-Time-High price near $600. Before the close of the first quarter of the year, however, a major bear market started to set in and rates plummeted in March to $200. At the end of 2018, successive purchasing and selling pressures, collapsed Monero’s price to $45.
In January 2019, Monero (XMR) was valued at about $46. Its price rose and by mid-June it managed to peak at around $120. With XMR closing the year near where it had started, the second half of the year saw a steady fall.
Beginning the year 2020 at about $30 in January, Monero initially suffered a breakout of the $60 resistance very early on in the year, In mid-January, already posting 50 percent gains, the sellers conducted another big attack in which the stock soared to $100.
By mid-February, however, a turning point appeared as the bears took advantage of the price to pull it down. The initial success took the market to $80 and prices were still selling at $60 again by early March
Another big bearish attack at the end of the first quarter in March saw prices crash to $35 where the bulls take turns again. There has since been a progressive bull run, which so far has doubled the price. XMR reached $46 by the end of March.
Monero was traded at $49 by the start of the second quarter in April. Significantly, the price started to pour further as XMR climbed to $62 by the end of April. XMR continued the trade at $64 by early May with little bit of improvements.
With certain fluctuations, the price hit $67 at the end of May. Later on XMR was traded between $67 and $71 until mid-July. Surprisingly XMR climbed to hit $80 by the end of July. Notably, the price reached the $90 mark by early August.
Drastically the XMR moved to $102 by the mid August and further plunged to $94 by the end of August. Monero failed to perform efficiently in September as it continued to suffer with the price plunge. Later on the price began to move upwards and $102 in the first week of October and started to surge rapidly thereafter.
XMR reached $132 by the end of October. Monero continued the trading at $125 by the start of November and further suffered certain fluctuations thereafter. As the expansion of the Bitcoin price rally, XMR managed to trade at $125 at the end of November. Later on, the price effectively started to surge in the month of December by hitting the $162 mark at the end of 2020.
Monero (XMR) 2021 Price Prediction
Monero initiated the year 2021 with its price trading at $158. It might reach $185 by the end of January. The price might suffer certain fluctuations in March and April. The price may reach $230 by October and by the end 2021 XMR might hit the $270 mark.
Monero Price Prediction 2022
Monero might commence the year with a trading price of $272 and may plunge to $255.55 in mid-January and $244.45 at the end of January. The price again might reach the mark of $275 by the end of August. The privacy coin could trade at $281.65 by the end of October. The price might go up at the end of 2022 and may hit $340.
Monero Price Prediction 5 Years
XMR might surge effectively and may hit the $650 mark in the 5 years, XMR might experience a rise like never before. It is expected that in 2023 XMR might make it to the $430 mark. Monero might reach around $690 by the end of 5 years.
Monero (XMR) Market Prediction
Let us consider the Monero (XMR) price prediction from major distinct sources, which will give us a fairer idea:
1) Trading beasts
Trading beasts predicts that Monero can reach around $150 within the end of the year which means and could roughly reach about $400 by 2021.
2) Crypto Ground
Crypto ground is a cryptocurrency prediction website which states that Monero might reach $150 by the end of 2020. In 5 years, XMR has a good possibility that it might reach $496.82, might even reach the $500 mark if the market is calm enough.
3) Oracle Times
Our Monero Price Prediction
With a trading price of $158, Monero starte the year 2021. As per our analysis XMR might trade at $190 by the end of January with specific fluctuation. The price might hit the mark of $275 by the end of 2021. XMR might be a profitable investment in the future. XMR may hit the $780 mark in the future.
Yes Monero is definitely a good investment as it may reach a trading value of $270 by the end of 2021.
XMR price might trade between $250 and $270 by the end of 2021..
Monero is a privacy-oriented crypto that is untraceable
COVER Price Crashes Following Disperse With Yearn Finance
Decentralized finance portal (DeFi), Yearn has decided to end its merger with the Cover protocol.
It’s previously announced merger in the month of November has been called off and Yearn took to Twitter to announce their parting ways. They did not provide a specific reason for the termination but most of the users have backed Yearns decision.
Anyhow, yVault depositors who have purchased the coverage remain unaffected.
Andre Cronje tweeted that,
“I personally find it sad. I had very high regard, trust, and faith in the Cover team. Lesson learned. Won’t trust them again.”
(The above tweet now stands deleted)
Shortly after deleting the above tweet Andre Cronje, said that it was an emotional response and he kind of mixed ethics and money.
Cover protocol is yet to break their silence on the ongoing issue and this breakup has brought a huge loss for Cover.
Cover was on a bullish run as it’s price rose from about $380 in the start of the year to around $1700 around two weeks ago.
The cryptocurrency is now down by 40% after the news of Yearn finance and Cover protocol broke out. The parting of ways had a serious impact on Cover.
On 28 December Cover protocol was hacked and tricked into minting 40 quintillion of its native tokens and also cashed them out. “White hat” hacker Grap finance claimed responsibility for the same and returned the funds which amounted to $3 million.
Right after this demerger, Yearn Finance announced a Free-For-All Partnership Program that will be open to anyone who wants to integrate yearn vaults into any products. All partners tend to receive a 50% profit share.
HOGE and PAID Price Analysis: Altcoins With Massive Price Variations
The crypto market is anticipated to be more volatile in the coming days as many of the altcoins are enduring massive price variations including the top currencies like Bitcoin and Ethereum.
BTC is diverging between $47,000 and $51,000 and ETH between $1400 and $2000. As result prices of the newly entered altcoins like HOGE and PAID have encountered massive price variations.
Effectively, HOGE attained more than 130% impulse in the last 24 hours. Unfortunately, PAID has devastated over 90% in the past 24 hours.
Hoge Finance: HOGE Price Analysis
HOGE entered the crypto space on 15 February at a low trading value of $0.000001 and continued to trade at the same price and reached $0.000007 by March. Currently, Hoge finance is currently under the control of bulls with gaining more than 130% momentum.
In the last 24 hours and also listed a new all-time high on 6 March. Before the surge, the currency differentiated between the $0.000001 and $0.000007 mark.
What poised the sudden surge?
Hoge finance defines itself as a deflationary and Dogecoin of the DeFi world. It intends to offer features like auto staking and frictionless yield farming. It burns the token on every transaction.
One of the main causes for the surge may be the announcement by the exchange platform WhiteBIT regarding the listing of Hoge Finance.
At a press time, HOGE price is $0.00004484 with a 24 hours trading volume of $4,185,042. It is up 123.81 in the last 24 hours and the current coinmarket rank is #2355.
PAID Price Analysis
PAID made an existence in the crypto market on 26 January with a trading value of $0.43. Further the price steadily started to escalate and drastically hit $6.38 to achieve a new all time high on 18 February and plunged to $2.35 at the end of February. Currently, the currency is in a bearish divergence and suffered with losing over 90% momentum in the last 24 hours.
Reason behind the massive plunge
PAID network is a comprehensive toolkit for business transactions. It is the first platform to introduce Smart Agreements, a simplified business contract. Unfortunately, the community terminated the trade. One of the main reasons behind the massive price drop is the exploitation suffered by the community.
Someone minted and sold the PAID tokens worth around $51 million. The attacker potentially hacked the community with accessing the private keys of the team.
Despite the exploitation the PAID Network has not anything but the community has announced that it is actively investigating the problem and also it has also removed the liquidity and trading until the resolvement of the issue.
At a press time, PAID price is $0.29 with a 24 hours trading volume of $37,182,485. It is down 89.46% in the last 24 hours. The market capitalization is $5,768,627 and the current coinmarketcap rank is #1161.
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