What do you think of Monero
The best of us didn't even know that cryptocurrencies existed in early 2017. And those who knew it was all about Bitcoin and Ethereum. However, in the course of 2017, cryptocurrencies boomed more than ever before.
The market capitalization of cryptocurrencies rose from USD 19 billion in January 2017 to USD 795 billion in January 2018. That is an overall growth of over 40,000%!
Many new cryptocurrencies became part of this success story, Monero is one of them. Monero was the eleventh largest cryptocurrency with a market capitalization of $ 3.35 billion but at the beginning of 2018, Monero was the 17th largest cryptocurrency with a market capitalization of $ 2.41 billion.
Monero did very well in 2018, and many investors are wondering if it will repeat itself in 2021. Those of you who are also questioning the future of Monero are in the right place.
I am going to share the best Monero predictions for 2021 in this guide. I will also cover the basics of Monero and its historical price trends so you have a good understanding of what this cryptocurrency is capable of.
By the end of this guide, you should have a good understanding of the future of Monero. In addition to using this information, I recommend that you consult a financial advisor before making any investment decisions.
Monero - Improved version of Bitcoin
Monero is a digital currency created using blockchain technology. Like Bitcoin, Monero can also be used to send or receive payments. How is it different from Bitcoin and other cryptocurrencies?
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Monero wasn't built with Bitcoin technology. Monero was founded in 2014 with the aim of improving the lack of privacy in Bitcoin.
When you send Bitcoin to someone, everyone can see who the sender and recipient are and how much the transaction is worth.
External users cannot see the names of the two users. However, anyone can see the public address of the user's Bitcoin wallet. In the world of Bitcoin, your public address is your identity.
In addition, anyone can see all previous transactions in which a particular bitcoin was used. So, if a bitcoin you own has been used in illicit trading in the past, someone may refuse to accept it from you.
This is different from how Monero transactions work. When a Monero transaction takes place, the identities of the sender and recipient remain private. In addition, Monero transactions cannot be linked to one another. Every Monero transaction is private, non-linkable and non-traceable, just like physical money.
If you're getting paid by someone with a $ 100 bill, do you have any idea where it's been used before? Or who were the previous owners of the $ 100 bill? No!
This is what Monero brings to the cryptocurrency transactions - it gives you privacy. When you pay with Monero, no one can see what you are spending your money on. Which has proven to be an attractive feature for some!
Now let's see how Monero has historically developed since it was born.
Monero Historical Price Trends
Monero didn't see much action for almost two years after it was founded in 2014. It began to gain popularity in mid-2016 and 2017, the year it put on a great performance.
Monero, which was around $ 12 in January 2017, peaked at $ 494 in January 2018.
As with all other cryptocurrencies, Monero's prices have also fallen since January 2018.
Now it is important to understand what has caused Monero price increases and decreases in the past. So are we going to look at some?
Reasons for historical price changes
- The first major price hike for Monero came in the second half of 2016. The price of Monero, which was below a dollar in early 2016, rose to around $ 14 in September 2016. This corresponds to an increase of almost 2700%.!
Many believe that this was caused by Monero's increasing popularity in the illegal trading market. This is because of the identity and transaction protection that Monero offers.
In August 2016, the darknet market site Alphabay started accepting Monero as an alternative to Bitcoin.
- In August 2017, the price of Monero rose again, although the price of Bitcoin fell. While it's difficult to be entirely sure of a reason, it could be due to an announcement by the Korea-based cryptocurrency exchange Bithumb.
Bithumb opened the exchange for Monero trading in August 2017, which increases Monero's accessibility to investors.
- The price of Monero rose again in December 2017 when it was revealed that Monero had been accepted by a group of 45 very well-known musicians. Those who started accepting Monero included G-Eazy, Mariah Carey, Backstreet Boys, Sia, and Fall Out Boy. Pretty cool, isn't it?
As you can see, there are a multitude of factors that can affect the price of Monero. The price of Monero (and most cryptocurrencies) is usually related to new technological developments and the media hype.
Currently (January 2021) The price for Monero is $ 135 and the price seems to be rising rapidly.
Now it is quite difficult even for experts to predict the price of Monero (or any other cryptocurrency). Cryptocurrencies have been known to work in unexpected ways.
However, I can share with you the Monero Price Prediction for 2021 which will help you decide whether Monero is a good short term or long term investment.
So let's jump right into our Monero price prediction.
Monero price prediction 2021
First, let's take a look at what the future of Monero will look like this year.
Monero Price Prediction 2021 using Technical Analysis
Technical analysis: Use historical price developments and trading volume trends to predict the future of Monero. This task is performed by software that applies complex mathematical functions to the historical data.
One website that performs technical analysis on cryptocurrency is Walletinvestor.com. Which predicts the Monero price will be near $ 184.58 USD in a year.
Check out the screenshot below to see what the future of Monero looks like according to technical analysis.
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Monero Price Prediction 2021 - Based on privacy feature
There is no doubt that the privacy that comes with it sets Monero apart from other cryptocurrencies. Many experts believe that this one feature could lead Monero to great heights.
Based on these Monero price predictions, 2021 looks like going to be a good year for Monero. Aside from the fact that it offers privacy, the Monero project has several other advantages. Which I'll cover a little later in this article!
Before doing this, it is important that you understand Monero's long-term predictions. So now I'm going to show you some of the best Monero price predictions for 2021.
Monero price prediction 2021
Cryptocurrencies can increase or decrease by large percentages within a day. This makes it difficult to predict long-term prices for every cryptocurrency, including Monero.
However, let's get down to some of the best Monero price predictions for 2021.
Monero Price Prediction 2021 using Technical Analysis
Now that you know what technical analysis is, let's take a look at the prediction from longforecast.com. This is another website that offers very short to long term price predictions for cryptocurrencies.
According to longforecast.com, the price of Monero will be in the $ 95-109 range in April 2021 and will rise to $ 154-1989 in December.
Long-term Monero price prediction from John McAfee
John McAfee is one of the most famous experts and influencers in the cryptocurrency market. His tweets and comments on the cryptocurrency can have a direct impact on the price.
While John McAfee didn't give an accurate Monero price prediction, he did say that Monero has the potential to challenge Bitcoin as the leading cryptocurrency. In interviews and on Twitter, he was very vocal about his support for Monero.
Like any other price prediction, this may or may not come true, but it tells us that experts like McAfee believe in the future of Monero.
This is Monero's price forecast for 2021. So it seems like a good investment, but there are many things that could affect the price in the future. After all, we still have a long way to go until 2021.
So is Monero a good investment?
Looking back over the past two to three years, I can at least say that the cryptocurrency market has been pretty unpredictable.
In general, the cryptocurrencies with the best technology and the strongest team are the ones that have the most success. This has been proven correct with coins like Ethereum, Litecoin, and Ripple.
Here are some reasons Monero could be successful in the years to come:
Monero is private, which increases the demand for both legal and illegal transactions.
While you and I may disagree that Monero is used in illicit trading, that factor is adding to Monero's demand and prices.
Hardware wallet release
There is currently no hardware wallet that supports Monero coins. Hardware wallets are very important for any cryptocurrency as they are the safest way to store them.
Both the Monero community and ledger are working on a hardware wallet for Monero.
Note: Ledger is one of the most renowned and popular hardware wallet companies for Bitcoin, Ethereum and many other cryptocurrencies.
Upcoming technological improvements
The technology of all cryptocurrencies is still in its infancy. Most of the cryptocurrencies out there today are constantly being edited and improved. And Monero is one of the cryptocurrencies that does just that!
The Monero team is working on a project called "Kovri" which is basically trying to improve the privacy aspect of Monero even further. They're also working on improving Monero's scalability.
Proven track record
There has been a deluge of cryptocurrencies since 2017, but Monero has continued to survive in such a crowded market (currently at number 11!). This shows that it is a cherished coin for many investors, and it could stay that way.
These are the key factors that will attract investors to Monero going forward. As the cryptocurrency market matures, people will want to invest in coins that have proven to be top cryptocurrencies. What Monero has done over the years.
Personally, I think Monero will stay here and have the potential to generate good returns over the long term. I don't think there are many reasons for a crash, but here are a few things to keep in mind:
One thing is clear: an increase in the number of regulations will lead to a decrease in the prices of cryptocurrencies (some more than others). However, regulators could try to stop its use in illicit trading, which means Monero could be more affected than others.
If regulators decide to ban Monero, it could not only result in a drop in prices, but also a complete crash.
Yes, Monero is one of the oldest cryptocurrencies when it comes to providing privacy, but it is no longer alone. It faces stiff competition from other privacy-based coins like ZCash, Dash, Verge, and PIVX.
An increasing number of privacy-based coin options could draw the attention of Monero investors to the newer options.
These are two important things to consider before investing in Monero. While I don't think they will have an immediate impact on the price of Monero, they should be considered. And keep up to date with news related to cryptocurrency regulations.
So the future of Monero looks bright after comparing the pros and cons. What do you think?
Now you have a clear understanding of what Monero is and how it differs from other cryptocurrencies like Bitcoin. You also know the top Monero price prediction for 2021.
I think if you look at Monero's predictions and benefits, the future of Monero doesn't look bad!
Of course, there is an opportunity to make good profits on all cryptocurrency investments. However, it is important to consider the following before investing in any cryptocurrency:
- Only invest money that you can afford to lose
- Don't invest all of your money in just one cryptocurrency
- Do further research and consult a financial advisor before investing
What do you think of Monero after this guide finishes? Is it worth your investment? We'd love to hear your thoughts!
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