BitcoinCrypto

What’s Happening With XMR’s Value?

If you have been following the news related to cryptocurrencies and blockchain in the past few months, you might have noticed a lot of talk about regulations. Governments all around the world are trying to put crypto under control in one way or another. That includes releasing CBDCs, requiring intensive KYC, etc. 

However, while regulations can have positive effects on the markets, we need to reflect upon the fact that blockchain technology is fully transparent. Anyone might be able to link your financial data to your identity, putting you in grave danger. 

That’s where privacy coins like Monero come into play. With all of this talk about regulations, XMR might have the upper hand as it lets users remain anonymous. This article will explore some of its fundamentals and provide some current and future price analyses. This will allow you to make an informed investment decision.  

What Is Monero?

Monero (XMR) is the most popular privacy-oriented crypto on the market. The public ledgers of blockchains like Bitcoin allow anyone to consult the transactions on the chain. You can see the addresses and amounts. While this is great for transparency, it doesn’t mean that every transaction should be public. 

The creators of Monero have understood this and decided to create a payment network where the transaction data is completely obfuscated from the public. An external observer would never be able to tell which transaction belongs to which user or how much XMR has been transferred between two parties. 

To achieve this, Monero uses RingCT technology, where the protocol uses addresses from different sources and making it impossible to know who sent XMR to whom. RingCTs ensure transactions remain untraceable and amounts hidden. 

XMR as an Asset

Monero is private electronic cash that allows users to exchange value over the internet securely and anonymously. To optimize your privacy, using an anonymous exchange like the Godex crypto exchange is essential. As such, it uses specific wallets and is rarely included in the most popular mobile wallets on the market. 

The XMR protocol functions on a proof of work consensus, where anyone can participate in mining coins with their computer. The coin is ASIC-resistant, which means that users can mine it using GPUs and CPUs, which makes it much more democratic to participate in the network. 

Unlike Bitcoin, Moneor doesn’t have a capped supply. Currently, there are 18,248,130 coins in circulation, with a price of $146.40/coin. The XMR asset reached an all-time high of $517.62 in May 2021. 

Technical Indicators

Unlike the rest of the market, Monero hasn’t been following the latest price rally other altcoins have been experiencing. The XMR coin began the 2023 year strong, with a 30% price increase in January. However, in the last two months, the price has been slowly retracing to 2022 levels, as there has been increasing selling pressure from the market. The XMRBTC price correlation still needs time to stabilize. 

That being said, the price is approaching a support level of $140, where it could see a strong rebound and a potential rally. Let’s have a look at some forecasts from reputable internet sources for more details on future price action. 

XMR Price Forecast

Digitalcoinprice.com is highly bullish on Monero for 2023. The website expects the coin to reach $318 at one point during the year, providing investors with a 2x opportunity. In the long term, their analysts offer a target of $528.92 for 2025, expecting the privacy coin to reach above its historical all-time high by that point. 

Priceprediction.net is a bit more conservative with its forecast. For 2023, they provide a target of $238.16, while for 2025, they go as high as $505.57 per coin. 

Final Thoughts

Monero is an essential addition to the cryptocurrency space. It allows users to conserve their financial data private and has proven this use case time and time again. Because of this, while speculative in nature, XMR often doesn’t follow BTC as other altcoins do. With regulations becoming a reality, having an XMR portfolio might be a lifesaver for many crypto users. 

 

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