How much is Monero worth? What is Monero price forecast? Many people are currently wondering whether a long-term investment is worthwhile and how long one would have to wait for a good profit. Will Monero (XMR) be able to reach its old high or maybe even surpass it? How much is Monero worth? Today, we’ll try to find out!
How Much Is Monero Worth Today: Current Price Development
In order to find out ‘how much is Monero worth today?’, it’s important to deal with the details and the most important features of this cryptocurrency. The launch of Monero goes back to 2014. It originated from a fork of Bytecoin and was initially called Bitmonero and later Monero. The platform is open-source and is managed by 7 developers. Five of the developers prefer to remain anonymous. The other two are David Latapie and Ricardo Spagni.
Monero’s goal is to create the most anonymous cryptocurrency in the world. The blockchain has functions that can completely hide the amount of transactions, as well as information about sender and recipient, for outsiders. In this way, trying to track a transaction on the blockchain is almost impossible.
Privacy coins have been a thorn on the side of regulators around the world for years. Gradually, decision-makers are insisting on regulating cryptocurrencies, which would exclude complete anonymity. At the beginning of 2021, this caused a decrease in the prices of many privacy coins — Monero (XMR) was also affected. While the entire market was doing very well, Monero, DASH, ZEC, and other coins suffered heavy losses.
In early January, Monero’s price increased by 20% in 7 days. How much is Monero worth today? Currently (as of April 20, 2021) the price is $357,32.
How Much Is 1 Monero Worth: Factors Affecting Price
Once we’ve found out how much is 1 Monero worth, let’s move further. Nowadays there are many factors to take into account when assessing the price development of cryptocurrencies. Let’s consider them!
Positive Factors
The following points indicate that Monero could increase in value over the long term, or at least remain stable:
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- Monero is one of the oldest cryptocurrencies on the market and has always stayed in the top 20 by market cap. That’s why there is a good reason to believe that Monero will continue to hold its leading position.
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- Over the years, Monero has made a name for itself and is now well established on the crypto market. The blockchain and cryptocurrency could prove their functionality.
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- The Monero platform can boast of good user activity.
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- While most blockchains rely on transparency and public transactions, Monero stands out from the crowd.
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- Monero Research Lab is working on improvements and isn’t just dedicated to scaling issues. The development team deals, among other things, with the topics of payment channels and cross-blockchain atom swaps.
Negative Factors
Some of the points that make Monero so strong could also have a negative impact on the price:
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- Government is very critical of such anonymity because it could be used for criminal activities and no one would ever find out about it. So it’s very likely that crypto projects like Monero, which allow anonymous transactions, will be banned in many countries. The user base, as well as the volume of trade, would suffer. How much is 1 Monero worth in this case? Well, since the demand for the coin would decrease, this would result in a price drop.
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- For a long time after it was launched, Monero hardly increased in value. In early 2018, XMR hit its all-time high at around $418. That was over a year ago and Monero hasn’t come close to that value since then. It’s uncertain whether such a jump could be repeated again.
How Much Is Monero Worth Right Now: Monero Price Forecast
How much is Monero worth right now? Well, how was mentioned before, currently the XMR price is $357,32. Based on the above arguments, the Monero price prediction for the coming years from a forecast websites is the following.
According to Longforecast, the cryptocurrency will increase significantly by the end of the year apart from a few small price fluctuations over the year. They expect a price of $703 for December 2021. The upward trend will continue. The price predicted for May 2022 is around $1105 for 1 XMR. How you can see, the future price is much higher than how much is Monero worth right now.
How much is Monero worth? Feel free to share your own forecasts in the comments!
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