To Buy or Not To Buy? Long Term Future Of Monero Cryptocurrency

Cryptocurrency

Is Monero worth the investment in the cryptocurrency market? Let’s find out 

When an opportunity presents itself in the cryptocurrency market, you best take it. And that’s the case with Monero right now. Initially known as BitMonero, Monero was launched in 2014 as a split from Bytecoin that was launched in 2012. Monero prides itself on being secure, private, and decentralized. Unlike Bitcoin where transactions can be traced back to the concerned person, Monero uses advanced cryptography that hides the identities of the parties involved. XMR is the crypto coin that runs on the Monero blockchain. It uses the same proof-of-work algorithm as Bitcoin.  

 

What do the numbers say?

Between April 2020 and April 2021, XRM saw more than 5.8 million transactions at an average of 16,000 transactions per day (according to the data on its website). This is a steep rise from 2.8 million transactions that took place between April 2019 and April 2020. At present, XRM is accepted by a couple of payment gateways like CryptAPI, CoinPayments, and NOWpayments. 

At the start of 2021, XMR crossed its all-time high of US$495.84 to reach the US$517.62 mark. Currently, Monero is trading at a value of US$269.64 (at the time of writing). On CoinMarketCap, this cryptocurrency is ranked 26 with a market cap of US$4 billion. 

 

Long Term Predictions 

According to the algorithm-based forecasting site Wallet Investor, Monero’s XRM is expected to reach US$438.50 by the end of 2021. The price will increase to a new all-time high of US$548.56 by the end of 2022. By the end of 2025, XRM will be valued at US$875.20 and US$926.49 in May 2026. 

Another crypto trading website, Coinpedia, predicts that if the cryptocurrency market stays bullish for the most part, Monero could reach its peak of US$700 by the end of 2021. But if the market remains bearish, Monero’s value will comfortably trade around the US$500 mark. By 2022, a rally can shoot up its price to US$1,500 and eventually correct itself at US$1,147. With everything bullish, Monero could trade above US$1,100 in 2025. 

So, with this information should you buy Monero in the current dip? XRM is one of the most private cryptocurrencies, and owing to all the crypto scams that are coming to light, the demand for private and secure cryptocurrencies will only increase. Amidst all the volatility, Monero does show signs of quick stabilization and many organizations have started to accept XRM as a mode of payment. All these are green signs for you to invest in this cryptocurrency.

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