What Is The Future For Monero?
Most people only came to know about the existence of cryptocurrencies at the beginning of last year when Bitcoin was the most talked about currency. Since then, the cryptocurrency market has boomed. In a period of one year, the market capitalization experienced a total growth of over 4000%. Monero has been a part of this success story. In the past, monero has generally speaking, performed really well. The future looks bright as well.
After its launch, Monero did not see much action for the first 2years. Monero started to become popular in mid-2016. It reached a peak of $494 in January 2018 from $12 in January 2017. Factors that affect the price of Monero are related to:
- Media Hype
- Market trends
- The development team
- Technological developments
The Future for Monero
Even for experts, predicting the future of Monero or other cryptocurrencies can be really difficult because of their volatility. The cryptocurrency price can increase or decrease by large percentages in a single day. It is very difficult to tell the exact time when the price will rise or fall.
Using price and trading volume trends from the past, experts have somehow been able to predict the future for monero. They do this with the help of software that applies complex mathematical formulae to the data.
There are websites that can predict a cryptocurrency’s future by performing a technical analysis. Some of these websites include:
Based on all the predictions from the abovelisted websites, it is obvious that XMR will keep going up. According to John McAfee who is a popular cryptocurrency expert, Monero has the potential to challenge Bitcoin and become the leading cryptocurrency.
Value of Privacy and the Future
Monero stands out from other cryptocurrencies because of its privacy feature. It provides anonymity and solves any other insecurity issue that is not addressed by other currencies.
Other reasons that will see to it that Monero has a successful future include:
- The Monero community, together with Ledger, is working on a hardware wallet that supports Monero coins. Hardware wallets are the safest way to store monero coins.
- Monero is constantly being worked on and being improved depending on the new technological improvements. The developers are trying to make the privacy feature even better.
- Monero has survived in a really crowded market. This track record shows that in future, monero will be a major priority for investors. People tend to invest in coins that have proven themselves as top currencies.
The most basic thing to consider before investing in cryptocurrency is profitability. It’s also important to try and understand what the future holds.
The future looks really bright for monero. The main reason why Monero remains undisputed is that of its privacy features. If you carry out a transaction sing monero, nobody will be able to see what you spend the money on. Monero was definitely built for the future and it’s an excellent coin to invest in!