Monero, as the leader in privacy cryptocurrency coins, has been taking one of the largest spotlights among altcoins. In the top 15 cryptocurrency rankings by market valuation, Monero is praised as the representative of privacy coins. We will talk more about Monero future price prediction for both the rest of this year (2019) and the next year (2020), but before that, we will explain the summary of Monero (XMR).
What Is Monero?
As we have explained in our other article “What Is Monero“, Monero is one of the privacy crypto coins. By default, Monero obfuscates all transactions, receiving, and sender addresses. By doing this, the hope is that no third party will be able to track the transaction except those who send and receive money. With Monero, you can generate stealth addresses without revealing public information of your keys. In the near future, Monero blockchain will introduce The Kovri Project, which will help transactions become even more anonymous. XMR is often seen as a competitor to ZCash and other privacy coins, but Monero has a better advantage because of its bigger popularity.
The project has 30 core developers, and many of them choose to remain anonymous. The Monero team, to this day, believes that you cannot have electronic cash without the privacy factor. Many public blockchain systems believe in decentralization, but they sacrifice the privacy factor. If you look at the most popular blockchains like Bitcoin, Ethereum, or Ripple, you can easily see each transaction. You can track each transaction easily from each wallet. With Monero, it’s much harder to track user transactions publicly, because Monero blockchain is designed to protect users’ privacy.
And different from ZCash where some transactions can be selectively public, with Monero all the privacy functions are turned on by default.
Monero Price In The Cryptocurrency Market
XMR is currently trading at ~$92.84 and it’s sitting on the 10th place of cryptocurrency rankings. According to Coin Market Cap, Monero has almost $100 million daily trading volume, which is considered decent liquidity. Generally, Monero’s movement in the crypto market mimics other top altcoins. It’s generally going down against BTC despite this year it’s been going up against USD. At the beginning of January, Monero was trading at ~$46.41, and now the price has been up for more than 100%.
Monero Price Prediction For The Rest Of 2019 and 2020
To know more about Monero future price prediction won’t be an easy task. Monero, most likely, will just follow other altcoins movement in the market. When the whole altcoins market rise against BTC, very likely Monero will also rise against BTC. When the whole altcoins market tank, Monero might tank as well. It’s possible for Monero to surpass $200 if Bitcoin itself surpass 2019’s high before the end of the year. Many analysts actually predict Bitcoin will easily surpass $20K before the 2020’s halving event because typically crypto big traders often believe in the same prophecy and fulfill it themselves.
Previous BTC halving events always triggered huge bull runs in the altcoin market and many people believe this time it won’t be different. It looks like we will have great market movement for Monero once Bitcoin gets closer to 2020’s halving.
Future Prediction Of Monero
Talking about price prediction feels incomplete if we do not know what to expect from the fundamentals. Monero has plenty of future because its name has been ‘synonymous’ with privacy coin itself. While many governments have expressed their doubt about the future of decentralized privacy cryptocurrencies, but there will always be strong use cases for people who care about privacy. It looks like Monero is not going anywhere and will still be around when the cryptocurrencies industry get more significant as well.
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