Does Monero Have the Potential to Become Mainstream?

Does Monero Have the Potential to Become Mainstream?

Introduction                                          

Monero is one of the leading decentralized cryptocurrency projects globally that aims to create genuinely fungible and censorship-resistant transactions. Monero is an entirely untraceable, fast, anonymous, and secure digital currency built with the help of cryptography. The anonymity of transactions is maintained through three innovative technologies of Monero, and they are; Stealth Addresses, RingCT, and Ring Signatures. Monero’s blockchain is scalable and prevents its fee from increasing rapidly with the rise in its users. Another advantage of this project is that the mining of XMR is independent of ASIC.

Many see Monero as the enhanced version of Bitcoins which is pseudo-anonymous. At the same time, Monero transactions are wholly kept anonymous, unlinkable, and untraceable. XMR is the native digital coin of the Monero project that can be obtained in exchange for fiat currencies or by mining them. The Monero digital cash can be used for payments with several merchants and can also be exchanged for goods and services for nominal charges. Hence, let us know more about XMR token’s history, price forecast, and more from this blog.

History of Monero

Monero was launched in 2014 by Riccardo Spagni and Francisco Cabanas. The first price of the Monero token was $2.47. Monero’s token had shown a staggering growth in the initial years, but from 2016 onwards, it witnessed a massive boost by 2700% after Alphabay, a darknet market started accepting payments in Monero. The next milestone achieved by Monero was when the Korean crypto exchange Bithumb included its token for trading. This was followed by receiving some media and celebrity attention. Thus, in January 2018, the price of one XMR digital token reached $494.

Monero Price Prediction 2021, and Beyond!

Monero’s token price at the time of publication was $420.63. Monero has a significant market capitalization of $7 billion and is currently placed at 22nd in the crypto coin ranking list by CoinMarketCap. It also has a 24-hour trading volume of $424 million, and the number of tokens in circulation is 17,900,868 XMR.

According to Monero prediction; here is how the token’s future looks:

  • According to WalletInvestor, the price of one Monero token might rise to $184.58 in a year.
  • Long Forecast’s prediction suggests that the price of the XMR coin might be between $154 to $198 by the end of 2021.
  • According to Cryptocurrency Price Prediction, the price of the XMR token might surpass the $2000 to $2500 mark by 2025. Additionally, ten years from now, the XMR token’s value may be between $5000 to $6000.

Expert Talks on Monero Coin Growth

Monero has been endorsed by popular influencers from the international music industry, including Fallout Boy, the Backstreet Boys, and Sia, to name a few. Mariah Carey even agreed to give 15% discounts on her website to those who would make payments using XMR tokens. Experts have also provided several kinds of verdicts about Monero. One such person who has strongly influenced Monero’s price in the past through his tweets and interviews is John McAfee of McAfee Associates. According to him, Monero might one day grow as big as Bitcoin or may even outperform it. Visit https://www.cryptonewsz.com/ to get detailed information about the price forecast of XMR coin.

Final Thoughts

At the moment, it has a significant market cap and has the potential to grow big shortly. Monero has a substantial record of surviving tough competition in the market since the crypto market has boomed with many new coins. Monero’s Research Lab and Development Team is also constantly working to improve its privacy protocols and launch a hardware wallet. Thus, it can be considered a good option for crypto trading and investment.

John Norwood
John Norwood is best known as a technology journalist, currently at Ziddu where he focuses on tech startups, companies, and products.