Monero, a privacy-provider cryptocurrency, is currently on an upward monthly trend. From its all-time-high of $542.33 in January 2018, the closest price to this was $521 recorded May, 2021, after which Monero entered a downward trend.
However, the past few weeks have seen a resurgence in Monero’s growth as its price has steadily risen. Crypto investors are left to decide if Monero is a cryptocurrency with the potential to provide great returns on investment in the following months and years.
This article explains all you need to know about Monero, its price predictions for the upcoming months and years, and how to buy it. Let’s dive in!
Table of contents
Monero Review
Name: Monero
Ticker: XMR
Launch year: 2014
Founders: Anonymous
Market cap: $94,272,995
Current price: $237.02
Monero was initially known as Bitmonero and was created as a fork of Bytecoin, a decentralized privacy-based cryptocurrency.
Bytecoin became the progenitor of Monero when an anonymous member of the Bitcointalk forum suggested changes to Bytecoin, which were termed controversial by the majority of the community and hence rejected.In 2014, an anonymous team of seven set out to create a fork of Bytecoin known as Monero.
Today, many believe that hundreds of developers have assisted in developing XMR over time.
What is XMR?
Monero (XMR), is a “privacy-centric cryptocurrency” built on the Cryptonote protocol to provide an untraceable and secure cryptocurrency transaction system.
Because it aims to keep its users anonymous and their transactions private, Monero was built with a unique cryptography that prevents transaction information from being traced. Hence, all transactions on Monero are 100% private, giving it a unique quality that makes it desirable to many.
While transactions of other cryptocurrencies like Bitcoin can be traced on the blockchain to identify the individual behind selected transactions, individuals who send and receive Monero are obscured from the public eye. No decrypting technology has cracked the anonymity code that Monero provides.
The following represent the unique features of Monero:
Unlinkability: Users’ identities are kept 100% anonymous, and transactions are completely secure and private.
Fungibility: Monero can be exchanged for other cryptocurrencies, thereby promoting its interchangeability.
With Monero, transactions are anonymous, censorship is absent, decentralization is achieved, and payments are made rapidly at a low cost. However, these distinctive characteristics of Monero have promoted its use for illicit transactions on the darknet. In addition, several governments around the world, especially the U.S, are offering huge sums of money to anyone who can crack the anonymity code of Monero.
Monero Price Prediction 2021: How Was It?
On Jan 1, 2021, Monero was trading at $156 but ended the day on a downward trend at $133.83. Monero hit an all-time high (ATH) price of $517.62 on May 7th, 2021, but ended the year at $229.09.
The first month of the first quarter of 2021 witnessed a small bull run which ended in a significant dip as Monero dipped from its January ATH of $185 to $126 before the end of the month. The price movements of Monero entered a new narrative as Monero entered a bull run that would ultimately result in the ATH of Monero.
Although Monero saw price corrections, which is normal in every market, April saw a steady upward trend in price, and Monero arrived at its peak price of $517.62 on May 7th, 2021.
But this massive price attainment was quickly followed by a fast-paced downtrend, and Monero dipped by half to $200. Right from then till the end of 2021, Monero passed the $300 price mark only a few times and closed with a price of $229.09 on December 31st, 2021.
What is to be expected of the Monero price prediction in 2022? Let’s find out!
XMR Coin Price Prediction
The cryptocurrency market is subject to varying volatility ranges, which makes price prediction difficult. However, expert crypto analysts are providing forecasts of positive price movements across different timelines.
Here is the breakdown of Monero’s price predictions for the upcoming years. These are based on strong fundamental analysis that gives an idea of the possibilities inherent in the Monero cryptocurrency. Please insure that you do your own research before investing.
Monero Price Prediction 2022
At the start of 2022, with a value of $229, it soon entered a continuous downtrend. It hit its highest price in 2022 on the 1st of January at $250, plunged to $188 by the 10th of January, and climbed briefly to $228 five days later. However, it was not to be a bull run as Monero began a massive dip which ended at the price of $140 on the 27th of January.
Monero began an upward trend at the beginning of February, which followed a short correction before a steady monthly trend began. Some analysts attribute this upward trend to the conflict between Russia and Ukraine, which led to increased regulation of financial services, prompting people to adopt safe cryptocurrency alternatives. Monero seems to be the perfect escape from external censorship and regulation as its transactions are secure and anonymous.
If the market continues its upward trend, Monero’s price is expected to surpass $300 in 2022 as more people adopt its use. Long-term investors would make a good decision by hodling as Monero is expected to cross $300 in 2022.
Other platforms predict Monero will enter a downward trend and close at a price below $200.
Monero Price Prediction 2025
XMR has a solid use case and great growth potential. As Monero keeps innovating and more people adopt its use, the value of XMR will keep increasing.
By 2025, Monero should hit $620 with a minimum and maximum price of $540 and $870, respectively. Top crypto analysts believe that Monero will continue to increase in price over the coming years and might hit up to $1200 in the coming years.
Monero Price Prediction 2030
Monero is a prime cryptocurrency with unique features that will continue to attract users. There’s a good chance XMR will be valued at $2,240, with a minimum and maximum values of $1904 and $2460, respectively, by 2030.
Monero Price Prediction 2040
Fundamental analysis is critical to predicting the long-term price of cryptocurrencies. Monero’s price prediction for 2040 ranges from $3840 to $4284. With the right innovative steps coupled with more investors buying into it, Monero is set to be a profitable long-term investment.
Monero Price Prediction 2050
With the help of critical analysis, a 20-year price prediction for a cryptocurrency is not impossible. However, many factors affect the price of cryptocurrencies, making it difficult to predict their price in the long term accurately. However, Monero’s price prediction for 2050 lies somewhere between $5160 and $7285.
Is Monero a Good Investment?
When considering the large pool of cryptocurrencies to invest in, Monero is a gold option to choose. Recently, Monero has been on a steady monthly upward trend and many predict it to increase rapidly in the coming months.
However, investing in cryptocurrency is termed risky because of the high volatility associated with the crypto market. It is important that you do your research and invest only the amount you can afford to lose.
Dogecoin vs Monero: Which one is a Better Investment?
Monero is a leading privacy-providing cryptocurrency, while Dogecoin is a meme coin with no solid utility. Understanding the unique features of each cryptocurrency will help you drive your investment decisions. You can read more about Dogecoin here.
How to Sell and How to Buy Monero at the Best Rate?
You can transact Monero in different ways. One major way is to use cryptocurrency exchanges listed on a non-custodial cryptocurrency exchange aggregator like Swapzone, where you get the best exchange rate to swap different cryptocurrencies with Monero.
Exchange Monero to Ethereum
To exchange Monero for Ethereum at the best price you could really use the help of our user-friendly interface. With Swapzone, Monero to Ethereum exchange is really easy with our rich asset selection and offers from 15+ exchange providers. Buy XMR with ETH at the best rate on the market in just a few simple steps:
- Select the Ethereum to Monero swap pair.
- Enter the total amount of ETH you are going to exchange.
- Choose the best ETH to XMR swap offer.
- Click on the Exchange button.
- Enter your wallet address to receive Monero to your wallet.
- Send your ETH deposit to the generated address.
- Wait for your ETH-XMR swap to be done.
- Receive your XMR to your wallet!
Buy Monero From PancakeSwap: How and Where?
You can also buy Monero from Pancakeswap easily on Swapzone.
- Select Pancakeswap (CAKE) to swap for Monero (XMR).
- Enter the amount of CAKE you want to swap for Monero and select the exchange with the best rate.
- Proceed by clicking exchange. Input your wallet address to receive XMR.
- Copy the CAKE address shown and forward your CAKE deposit.
- Then wait for your deposit to be processed as the CAKE is exchanged for XMR.
Closing thoughts
Monero (XMR) remains a leading cryptocurrency that offers financial transactions that are private, secure and user friendly. In the coming years, experts expect Monero’s to double and quadruple as time passes. To buy or sell Monero at the best deals, visit Swapzone, a cryptocurrency exchange aggregator that lists various exchange rates so you can select the best rates for transactions.