Introduction
In an era where digital currencies are churning out more profits than any other financial asset, investors are not willing to miss out on cryptocurrency investments. The majority of people who invested in the cryptocurrency market focus on making instant profits with volatile price movements. Among these currencies, the demand for Monero cryptocurrency (XMR) is growing significantly. Almost every other Monero price prediction is highlighting superlative growth for this altcoin.
However, before buying XMR coins or making a big investment in Monero currency, there are a few things that the investor must consider.
What Is Monero?
All cryptocurrencies are not built the same way. Hence, Monero would not work exactly like Bitcoin despite being similar in some aspects. According to the market definition, Monero is a digital currency designed to offer superior anonymity features to its users.
Like Bitcoin, Monero is a peer-to-peer cryptocurrency decentralized in its operations. However, Monero is different from Bitcoin on the grounds of being more anonymous or majorly privacy-oriented. Monero is also a popular blockchain-based altcoin, serving as an alternative investment to Bitcoin. XMR coins have a wide range of privacy-enhancing features and hold the potential to surpass Bitcoin as the world’s most sought-after cryptocurrency.
A Brief History on Monero
In 2012, a group of developers, inspired by the launch of Bitcoin in 2008, developed a cryptocurrency called Bytecoin. This different cryptocurrency was aimed to be the direct competitor to Bitcoin. Bytecoin’s launch in summer 2012 was followed by the onset of CryptoNote technology. With this technology, anonymous cryptocurrency came into existence.
However, Bytecoin faced a few issues during its first distribution, as 80% of the coins being mined were already allotted to other users. The developers revamped the Bytecoin blockchain and fixed this issue by renaming their coin as Bitmonero, which later became “Monero,” an Esperanto word for “coin”.
Is Monero a Good Buy?
Multiple factors make every Monero price prediction so positive and practically accurate. Since 2012, the projections on Monero have been right on the point because of its differentiators. The following factors make Monero a good buy for crypto investors:
- High privacy features
- Liking a person to an XMR transaction made impossible
- Tracing XMR transactions is also impossible
- Limitless XMR blockchain
- Committed developers
On these grounds, several experts also view Monero as a suitable crypto investment.
What Experts Say on Monero Price Growth
The current price of an XMR coin is $421 as of early May 2021. The price growth of Monero has been influenced by several factors, including the growing support of experts in the cryptocurrency market. John McAfee is one of the world’s biggest influencers in crypto space. He is now well-known as an avid support of Monero. McAfee’s Monero price prediction highlights the potential to challenge Bitcoin for the top spot.
Monero Price Prediction for Upcoming Years
At the beginning of 2021, Monero emerged as the seventeenth-largest cryptocurrency in terms of market capitalization. There are $2.41 billion of XMR coins being used in the market today. Due to this, Monero is available in every cryptocurrency exchange and crypto-friendly business. A recent Monero price prediction estimates the XMR price to add another $184.58 within the next 12 months. Meanwhile, predictions that expected the price of Monero to be in the $95-109 range in early 2021, have already come true. The current price of Monero is three times more of the price predicted in these forecasts. You can get a detailed analysis of price prediction on CryptoNewsZ.com before investing in it.
Benefits of Buying Monero
These two advantages make buying Monero the best decision for an investor.
- Firstly, the apparent advantage of trading or buying Monero the mining algorithm. Monero’s mining algorithm is superior and efficient. It works on less electricity by using Application-Specific Integrated Circuit (ASIC).
- Secondly, investors are offering relatively high interest on Monero, compared to other stablecoins and altcoins.
Conclusion
In short, Monero is a secure, private, and untraceable cryptocurrency worth your investment. Considering every reliable Monero price prediction made, the market for XMR will witness good investment from all around the world. Soon, the market may witness Monero toppling Bitcoin for the best cryptocurrency position.