In today’s article, we will be looking at some analyses and popular forecasts to determine a possible Monero price prediction for 2019.
What Is Monero (XMR)?
Monero is a privacy coin which was resulted from a fork in 2014 from the Bytecoin blockchain and first was named Bitmonero.
What makes Monero special is the fact that you can pay, buy, sell or exchange with the coin and none of your transactions can be traced back to you. The privacy feature is its most prominent quality, but it also has higher transaction speed when compared to Bitcoin.
Monero is currently ranked the 10th cryptocurrency according to market cap.
Monero Price Prediction: Analysis
Starting from May 9th, Monero had a trading price of $66.258. But later in June 15th, the coin shot up with an increase of 32%. In that month’s weekly charts, the crypto went up with 5.21% on June 7th, from the market price of 83.407 USD. On June 24th, Monero went over $110, but only managed to keep over the $100 mark for a few days. Most of July, the coin over around the $90-dollar mark.
The current price of Monero (XMR) is $92.02 USD with a dip of -3.28% for today. The market cap of Monero is $1,577,707,635 USD with a 24-hour volume of $93,989,166 USD. The coin has a circulating supply of 17,144,807 XMR, with no pre-set limit to the total maximum amount that can be mined.
Monero has steadily been making headlines for gaining more and more acceptance. Over the years, there have also been improvements regarding its privacy and coding.
In recent months, Exodus Eden has introduced support for Monero to its latest version 19.2.2, where users are now allowed to use their own Monero (daemon/node).
The Monero is based on the CryptoNight proof-of-work (PoW) algorithm, which works on a different principle than other PoW protocols. This protocol prevents the hash rate of the network from being dominated by ASIC farms.
It has been announced that the Monero community is working tighter with reputable crypto wallet provider Ledger to create a hardware wallet that will support XMR.
The team behind Monero is also working on a project called “Kovri”, which seeks to improve the privacy of XMR transactions even more. Scalability is also an aspect on which the team is looking to improve.
In the past years, one can notice that the crypto market is unpredictable, but in general, the cryptocurrencies that have the best technology and strongest team remained on top (for example Ethereum, Litecoin, and Ripple).
While Monero is one of the oldest privacy-focused cryptos, there have been several new coins that have entered the market which also promote privacy as their main feature. Strong competitors in this niche are currently coins such as ZCash, Dash, Verge, and PIVX.
While the latter cryptos are at lower ranks when compared to Monero, some investors might be tempted to try newer options.
Monero Price Prediction: Market Opinion for 2019
The crypto market is volatile and unpredictable, but there are certain trends we can identify in order to predict the price evolution of a coin.
Various crypto forecasting websites have formulated their own Monero (XMR) price prediction based on price analysis, charts and coin development.
To get a more insightful view of what the community thinks of Monero’s price for 2019, we have listed some of these predictions.
LongForecast, a website specialized in financial market predictions, forecasts that Monero may be situated somewhere in the range of $554-$638 in April 2020 and then increase to $810- $945 by December 2020. If we base the coin’s price on this prediction, then a $500 investment today could lear to a return of $1944 by December 2020.
Trading beasts’ Monero price prediction is that will reach $83.835 by the beginning of December 2019. The site expects the coin to have a maximum price is $107.303, minimum price $72.966.
The Crypto Ground is crypto website predicted that Monero might get to a value of $118.02 by the end of the year.
Profit Confidential based their price prediction on factors such as the coin’s technology, team, and current and previous market trends.
Their Monero price prediction is that the coin might reach $350 – $400 by the end of the year.
Walletinvestor.com is a website which makes use of cryptocurrency technical analysis for their predictions. They estimate that Monero’s price will be around $638.73 in one year.
Smartereum’s Monero price prediction expects the coin to rise at $650.
Oracletimes.com predicts that XMR will be among the top 3 cryptocurrencies in 2019 and that Monero will generate returns of up to 10x times in 2019 for its investors.
Taking into account its impending features and developments, Coinpedia estimates that Monero may reach a trading price of $100 by the end of 2019
CryptoNews believes that Monero’s price can go up as high as 500 USD by the end of 2019, surpassing its all-time high.
Coinswitch forecasts that Monero will be seeing more gains in the second quarter, with the coin’s price being able to grow to $450 by the end of the second quarter. After that, it will gradually make its way to the 500-dollar mark.
So far, the market sentiment for this year seems very positive. Even though every Monero price prediction differs from one another, they all support the idea that the XMR coin will be making gains this year.
Taking into account its development plans, reputation, and privacy features, we can also conclude that Monero will be a crypto that will have a good performance this year.
Keep in mind that there may be other factors such as regulation, which changes frequently, that can also impact the price of the coin. Therefore, it is best to stay updated about the regulations that might affect Monero’s usage on the market.
Even though it seems that Monero is in the lead when it comes to privacy-focused coins, there might be other projects that can suddenly grow in price and surpass XMR, given the right market conditions.
Featured Image: Investopedia