When it comes to major cryptocurrencies like Bitcoin, one of the most attractive aspects is the range of privacy options. However, other altcoins have enhanced their privacy features to better that of Bitcoin. One of these is Monero.
On account of its privacy-orientated design, Monero has managed to gather a significant following and popularity in recent years. As a result, the price has surged to significant levels leading to major returns on investments for those who invested early enough. Subsequently, this had led to increased demand for an accurate Monero price prediction.
“One of my favorite words is a French word: sousveillance. It is the opposite of surveillance. Surveillance means to look from above; sousveillance means to look from below.”
– Andreas Antonopoulos
But are you wondering if it’s too late to start investing in Monero? You’re not alone, many people are curious about whether investing in Monero now is a good idea. I was one of those people until I began to use a range of factors to research the future price of Monero such as:
- Price history
- The latest legislation
- Prediction strategies
- Expert analysis
- New investors
By analyzing all of these factors, I was able to find out that there’s never a bad time to invest in Monero. For example, statistics from the leading trading platform of eToro tell us that sales have skyrocketed in the past few months, demonstrating that demand for this coin is very high.
But what does the future hold for investors who get on board now? Will it rise even further? Our Monero price prediction aims to answer all. But first, let’s start with just what Moneroactually is and how it works.
What is Monero?
Monero was originally launched in 2014. Its main goal was to create a privacy-orientated digital currency. During its journey, its privacy featured have gone on to contend with the biggest cryptocurrency there is: Bitcoin.
Privacy is one of Bitcoin’s main aspects. The protocol of Bitcoin shields a user’s identity by utilizing pseudo name addresses consisting of randomly generated combinations of letters and numbers. However, due to Bitcoin addresses and transactions being on the public blockchain, this approach to privacy is limited.
This is increasingly becoming a big issue for Bitcoin. It’s increasingly easy for someone to link a handful of transactions to one address and potentially identify the owner of a BTC address. This is where Monero comes in.
In contrast to Bitcoin and many other cryptocurrencies, Monero has a non-traceable transaction history. This means users can take advantage of a significantly safer network without facing the risk of having their held digital assets being traced, refused, or blacklisted for a variety of reasons.
Pros and cons of Monero
Like any cryptocurrency, Monero has its fair share of incredible pros and limiting cons. We always aim for transparency in our articles. So in this section, we’re going to cover some of the most important pros and cons of Monero.
|✔️ Because your identity is private when using Monero, no one will be able to see what you are spending your money on.||❌ Hidden transactions mean it’s not easy, to sum up all transactions to verify the developers aren’t adding inflation.|
|✔️ You have complete control over your transactions with Monero.|
|✔️ Due to the characteristic privacy features of Monero, this digital asset is truly fungible.|
Do you still have questions about Monero? Rest assured, before we get into the price prediction, next we’ll cover some frequently asked questions about Monero to give you a better understanding of the original digital asset and its price potential.
What’s the difference between Monero and Bitcoin?
The biggest difference Monero has with Bitcoin is that Monero is untraceable through its non-traceable transaction history feature. Bitcoin, on the other hand, is indeed traceable.
How does Monero gain value?
Like most cryptocurrencies, the value of Monero is largely driven by speculation in its current state. As more people discover the wide range of its uses, its value grows. Due to its innovative nature and continuous growth of significant partnerships, support for Monero is only expected to grow as cryptocurrencies become a more widely accepted alternative to fiat currencies. When it does, the value will likely grow in sync.
Can Monero reach $1,000 per token?
Based on its recent price surges and innovative nature of being a privacy-oriented platform with a growing userbase looking to make passive income and investments, it’s possible that Monero could reach $1,000 per token in the long term.
Where do people buy, sell, and trade Monero?
You can buy, sell, and trade Monero from any reputable crypto trading platform. If you are a new investor, then we suggest using eToro. It’s safe, regulated, and beginner-friendly. The eToro interface is very simple to use, and it has an array of trading tools to allow you to trade safely.
Monero Price History
Since its launch in 2014, the price of Monero has been characteristically volatile. It’s seen bearish lows and astronomically bullish highs. Upon its release, the price was fluctuating between $1 and $3.
In 2014, Monero was hit with a spam attack that saw the price spiral between $0.3 and $0.4. Two years later, in March of 2016, Monero underwent a network update and the price surged to between $1.1 and $1.6, but it was 2017 that saw a Monero price rise that left people breathless.
In 2017, the first price surge of Monero saw the price of this privacy-orientated digital asset reach $271. Then, in December of 2017, Monero gifted patient investors with an early Christmas present when the price hit $472 following the rollout of the multi-signature feature.
Currently, the price of Monero sits at around $225. Based on its recent price history and innovative features, many expect the price to again surge to a new all-time high. But first, let’s see what the experts have the say!
Expert analysis of the Monero price potential
One of the best tools we can use to try and determine the potential future price of Monero is to analyze the opinions of various crypto experts. Let’s delve into four estimated growth outlooks for various industry experts and analysts.
Overall, Coinpedia is bullish on the Monero price prediction. Based on Monero continuing to build partnerships with influential organizations and persisting with being a unique privacy-driven platform that retains a solid support base, they believe it has the potential to reach around $775 per token by the end of the year and a price of $1,280 shortly.
WalletInvestor uses an algorithm-based forecast in an attempt to predict the future price of cryptocurrencies. When it comes to Monero, they are also bullish but not as much as Coinpedia Over the long term, WalletInvestor predicts that the price of XRM could reach somewhere around $332 by the end of 2021 and $808 by the end of 2025.
DigitalCoinPrice is fairly bullish on its Monero outlook and expects the price to gradually increase over the long term. DigitalCoinPrice predicts it to reach $345.98 by the end of 2021, $469.1 by the end of 2023, and finally, a figure of $673.74 by 2025.
Bearish expert analysis on Monero is LongForecast. They predict the price of Monero in 2021 to drop slightly to $164 by the end of the year. By the end of 2022, they expect it to reach $322. But they expect the price to drop to $152 by the year 2025.
So from over $332 in the short term and up to $1,280 in the long term, the overall expert analysis on the future price of Monero is overwhelmingly bullish with some potentially lucrative returns in store for investors. But what does the technical analysis tell us about the price potential of this innovative digital asset?
Technical analysis of the Monero price potential
Now we move onto technical analysis to try and predict the future price of Monero. This section will utilize powerful tools like the Japanese candlestick, chart patterns, and trading indicators. As well as giving traders the upper hand in day trading, they can enable us to discover long-term price predictions based on pure technicals when we assess longer time frames.
Monero Price Prediction 2021 – 2022
Since the beginning of 2021, the price of Monero skyrocketed by 44% from $157.27 to its current price of $225.81. It’s predicted that the Monero price will rise an additional 62% in the second half of 2021 and it’s then expected to close the year at $365. A year-to-year change of +132%.
Monero Price Prediction 2022 – 2023
After starting the year at $365, it’s predicted that the price of Monero will rise to $404 per coin in the first half of 2022, it’s then expected to gain $121 and finish the year at $525, which is a +132% gain on the current price.
Monero Price Prediction 2023 – 2024
After starting 2023 at $525, Monero is expected to rise to a figure of $557 midway through the year before going on the rise again and ending the year at $657 at an overall annual increase of 191% from the current price.
Monero Price Prediction 2024 – 2025
After starting 2024 at $657, Monero is expected to rise to $756 halfway through the year. The second half of 2024 is expected to see the price of Monero end the year at a higher price than the first half of 2024 at $853. That’s an overall annual increase of 278% on the current price.
In conclusion, Monero is a seriously popular asset based on its incredible privacy features. In the future, it’s possible that Bitcoin’s privacy issues could become an even more problematic issue. In which case, many savvy investors will start to look towards options like Monero.
With a combination of its recent price history, technical analysis, and expert opinions, our Monero price prediction shows that there is huge potential for this privacy-driven asset to potentially reach new all-time highs shortly. At its current price, Monero could potentially be a very wise investment for savvy traders willing to ride out potential bear markets.
Whilst many people can see the significant potential in Monero, there is a significant number of people who are wondering where to invest in this innovative investment for the long term. The answer lies in a reputable and well-established trading exchange with access to vital trading tools like eToro.
Where to buy Monero?
Monero is available to buy and trade on eToro alongside 18 other cryptocurrencies. This is a well-established, highly regulated, and secure platform that has the potential to revolutionize your crypto trading.
What’s more, is that eToro allows you to access their incredible array of trading tools such as the Stop Loss, Take Profit, and built-in charting software that all let you maximize your potential profits whilst ensuring safe trading practices that protect your hard-earned funds. Also, eToro offers Leverage Trading on Monero. This allows you to multiply small amounts to become large powerful positions that drive massive profits.
“The computer can be used as a tool to liberate and protect people, rather than to control them.”
– Hal Finney
Overall, the financial situation, risk tolerance, and investment strategy of each person vary. Monero is inherently volatile and the price can rise or drop at a moment’s notice, this brings advantages as it does risks.
Both of which are important to understand and weigh against your own investment goals and needs. Only invest money you can afford to lose and balance out the risky nature of crypto investment by building a diversified portfolio.
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Disclaimer – This content is for informational purposes only and is not investment advice. The trading of Monero and other alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.