Monero explained
Monero is a privacy-focused cryptocurrency payment network that was introduced in 2014 with the goal of addressing the “untraceability” and “unpairability” flaws of Bitcoin.
Monero is built on the CryptoNote system, which Nicolas van Saberhagen introduced in October 2013, and uses a proof-of-work (PoW) consensus mechanism. The network is the result of a hard fork in the private cryptocurrency network Bytecoin.
The use of “one-time ring signatures,” which are designed to keep transactions untraceable, was described in Saberhagen’s whitepaper.
Additionally, the paper proposed an “egalitarian proof-of-work” consensus process that prevents miners with specialized hardware from having a significant advantage.
Monero has made many changes to its original premise since its inception. Ring Confidential Transactions (Ring CT), which hides Monero transaction volumes, were first launched in 2017. Another key part of the technology is Stealth Addresses, which allow senders to generate unique, random addresses for each transaction, preventing payments from being tied to the sender or recipient addresses.
However, despite the regulatory hurdles, Monero’s focus on privacy ensures that the network continues to attract users.
The Monero network’s native token is called XMR. It is a cryptocurrency designed to make payments anonymous and untraceable.
Technologies that protect privacy by hiding transaction volumes and using unique payment addresses for each transaction enable XMR exchange. Exchange Monero (XMR) | Swap XMR on Exolix
Monero price history
Now let’s take a look at the XMR price history. While historical performance can never be used to predict future results, understanding the coin’s movements over its trading history can provide an important basis for determining or interpreting Monero price predictions.
In 2017, during the period when Bitcoin (BTC) reached its then all-time high of over $20,000, XMR experienced its first significant rally.
According to CoinMarketCap statistics, XMR returned nearly 23x in 2017, as its price soared from around $14 at the start of the year to around $350 by the end of the year.
Monero price prediction overview
It’s important to remember that price predictions are often wrong, especially when it comes to something as potentially volatile as cryptocurrencies. It is also important to remember that many long-term cryptocurrency price predictions are generated by algorithms, so they can change at any time.
According to the Monero price prediction by DigitalCoinPrice, it could trade at $326.14 in 2024. According to the Monero price prediction, XMR will trade at an average of $519.86 in 2025 and $1601.61 in 2030.
Wallet Investor has made an aggressive price prediction for XMR, predicting that it could reach $180.92 by early September 2024 and just below $303.34 in five years.
PricePrediction’s Monero cryptocurrency price prediction shows that the coin could reach an average price of $217.83 in 2024 and rise to $468.79 by 2025. The potential Monero price for 2030 has been pegged at $3,155.47.
It is extremely important to remember that the cryptocurrency markets are still quite unpredictable when predicting the price of XMR coins.
This makes it difficult to predict the price of a coin or token with any degree of accuracy in the short term, much less in long-term estimates. Because of this, expert and algorithm-based forecasters’ predictions can and will be inaccurate.
We always advise doing your own research before making any investment in cryptocurrency coins and tokens. Before making any investment decisions, be sure to read the latest news, technical and fundamental analysis, market trends and expert opinions.
Never trade money you cannot afford to lose and remember that past performance is no indication of future results.
The article Monero price prediction: Will XMR go up? first appeared in TravelDailyNews International.
